Selling A House? Tips For Handling A Short Sale
Selling property

Selling A House? Tips For Handling A Short Sale

A short sale is a type of real estate transaction. Generally, sellers are unable to sell their homes in the current market, so they agree to sell their house for a less than full price with buyer’s financing moving forward. In exchange for this arrangement, the buyers get time to find a new home and they also have time to negotiate with banks who might be unwilling or unable to take on a more traditional loan. A short sale happens when all attempts at negotiating an actual sale of the property fail. Visit here to know more.

Here are tips for handling a short sale:

Understand the process

Most short sales are completed quickly, often within a few weeks of an agreed upon date. If you are in a situation where the bank or housing counselor has not given you a definite date for closing, don’t panic. There is no need to rush into an agreement. If you are prepared to wait, and your agent is willing, the short sale will be completed.

Selling property

Find the right real estate agent

A good real estate agent should know a variety of options when it comes to selling your house. Short sales are one such option. A lot of people think that short sales are the worst thing to happen to a seller, but they are actually in your best interest and can be managed with proper knowledge and preparation. There is no need to panic or give up. The right real estate agent in a short sale will be able to offer advise, answer questions, and help you through the process.

Make sure your agent is willing to commit

A good real estate agent will have a lot of professionalism on their side as they are selling your house. But at times, a short sale may turn out to be the right decision. You need to make sure that your agent is willing to keep fighting for you. They should be able to stay in contact with the banks and counselors on your behalf. If they are less than professional, or have only one or two contacts on your behalf to make things go smoothly, find a new agent.

Staying ahead of the game

A short sale is a way for you to stay in your home for an extended period of time. But it is still a fairly stressful process, and one that requires follow up for your agent to be successful.