Short Sales can be a viable option for owners when their real estate is worth less than what the market will bear, and/or they can no longer afford to make mortgage payments. Sounds simple. But it’s really not.
The short sale process is rife with pitfalls, but they’re avoidable. The key is picking a Realtor who possesses the extensive training and professional experience to navigate both the seller and the buyer through what can be a laborious short sale process. Your best bet is to choose a Realtor who has earned their Certified Distressed Property Expert designation, or CDPE.
Tips for making a successful short sale transaction:
- Price the property properly. An experienced Realtor will run a Comparative Market Analysis (CMA) to determine the current fair market value of a property based on recent sales of comparable homes. Use your Realtor’s valuation to price your property properly. This saves time for all parties involved, and when it comes to short sales, time is of the essence.
- Offer a complete proposal. An experienced CDPE knows what a seller’s lender needs to make a positive decision, as well as what it takes to present a complete proposal. Again, time is of the essence. Work with a Realtor who has proven he or she can get the job done quickly and effectively. Choosing a Realtor with good, professional ties to your area’s lenders are a definite plus.
- Expect professionalism and experience. There are a myriad of steps and players involved in [Read more…]