A short sale in real estate is not always a pleasant experience. To some sellers, selling a home as a short sale can be a disaster with the most common reason being the fact that this complicated issue wasn’t properly handled. So, today, we’ll be looking at some of the most common blunders that result in a short sale failure.
The “pricing” factor is the most common mistake that a majority of sellers make. If a short sale is priced inappropriately, you are likely to have a bad short sale experience. A preferably priced short sale is one that is not only appealing to the short sale bank and the buyer but at the same time appears reasonable from the seller’s view point too. Wrong marketing strategy is yet another problem that comes in the way of a successful short sale. Since most sellers don’t have a comprehensive knowledge about property marketing, they usually end up seeking the advice of inexperienced agents who further worsen the scenario. Therefore, it’s very important to make sure that the hired agent has earned a considerably good amount of experience in short sales. Remember, short sales are supposed to have maximum exposure by means of the various marketing tools.
Now, talking about the buyer’s agents, they prefer walking on the path of least resistance. In case, the listing calls for an appointment, a buyer’s agent is likely to pass over that home and approve a listing that has no appointment restrictions. This means, most of the agents don’t prefer restricted short sale listings. On the contrary, there are listings that hardly have a single photograph. This is what makes the buyer think that the house is either in a poor condition or the seller isn’t that much concerned about the sale.
Being ignorant about the property’s “maintenance issue” is another big mistake. Home staging plays a significant role in benefiting short sale homes. Sellers should try their level best to maintain the house and make the necessary preparations for sale. And lastly, it isn’t just your house that needs to be prepared but your attitude needs to be positive as well. Uncooperative sellers never qualify for a short sale. Submission of the necessary documentation to the bank on time is extremely essential in order to avoid any kind of delay in approval.
