Short sales are an effective way for homeowners to avoid foreclosure and eliminate a large sum of debt all at once via the sale of their property. While this method of debt and foreclosure relief is attractive for many homeowners, it can be a process plagued with certain pitfalls. Below, we review some of the most common short sale mistakes.
Getting the Price Wrong
Determining the price of the short sale is one of most critical parts of the short sale. This price must be accepted by the lenders who will be paid-- but also must attractive to buyers. Other things, like the condition of the property and any new property features (pools, additions, etc.) must also be incorporated into the price. Determining the right price point takes careful cooperation between the lawyer negotiating the price with the lender and the listing agent responsible for attracting buyers and their agents.
Working with the Wrong Listing Agent
In a short sale, clients have to rely on both their counsel and the listing agent to complete this process on their behalf. The listing itself is crucial to attracting agents to show the home and entice buyers. Before moving forward with your short sale, confirm that your attorney has worked with the listing agent before and that he or she has experience with closing short sales.
As sellers, you too play a crucial role to short sale process. You will need to provide pictures for the listing, be flexible when it comes to scheduling showings, and make sure that all of your required paperwork is delivered to the bank on time. While you may be going through a difficult personal and financial period at the time of your short sale, remember that the sooner it is completed, the sooner you can take steps towards a brighter and more stable future.
Avoid these mistakes and others by hiring legal counsel ready to make your interests a priority. At The Buchalter Law Group, our team of Brevard County foreclosure lawyers has more than 35 years of experience in helping clients resolve their financial straits. We're ready to see you through this difficult time and ensure that you reap optimal benefits from your short sale.
Want to learn more about what our firm can do for you? Use our online form to request a free case evaluation with our team today.