Short sales are confusing. Many people do not understand the necessary steps to successfully short sell a home. The first priority is to find an agent with prior short sale experience. The more experience the better. They will know the necessary steps to help you short sale.
Unfortunately, many agents do not have much short sale experience. If you want to successfully short sale your home, then avoid hiring an agent who is not experienced with short sales.
Another mistake to avoid is deeding your home to a buyer. Some potential buyers will ask you to deed your house to them. The problem is that you give up all your rights and lose control over what happens with your loan.
Some buyers will rent your home out, pocket the rent, and let your home go into foreclosure. The sale would be legally enforceable and you, the home owner, would have to go to court if you want to cancel the sale. Only deed your home as part of a legitimate sale after the short sale has been approved by your lender.
Another mistake some sellers make is to allow a buyer to negotiate the short sale directly with their mortgage company. The buyer has complete control of the negotiation and may attempt to negotiate a very low price with your lender. This could go on for a long time and the buyer may back out at the last minute leaving you with no option to avoid foreclosure. In addition, you have no control over what information the buyer may provide to your lender.
They may give them information that would complicate any future dealings. It is best to avoid these mistakes up front when you are starting the process. That way you have the best chance at a successful short sale.
Unfortunately, many agents do not have much short sale experience. If you want to successfully short sale your home, then avoid hiring an agent who is not experienced with short sales.
Another mistake to avoid is deeding your home to a buyer. Some potential buyers will ask you to deed your house to them. The problem is that you give up all your rights and lose control over what happens with your loan.
Some buyers will rent your home out, pocket the rent, and let your home go into foreclosure. The sale would be legally enforceable and you, the home owner, would have to go to court if you want to cancel the sale. Only deed your home as part of a legitimate sale after the short sale has been approved by your lender.
Another mistake some sellers make is to allow a buyer to negotiate the short sale directly with their mortgage company. The buyer has complete control of the negotiation and may attempt to negotiate a very low price with your lender. This could go on for a long time and the buyer may back out at the last minute leaving you with no option to avoid foreclosure. In addition, you have no control over what information the buyer may provide to your lender.
They may give them information that would complicate any future dealings. It is best to avoid these mistakes up front when you are starting the process. That way you have the best chance at a successful short sale.
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