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1. Not being prepared for cash contribution and/or promissory note ?- have a discussion with your Realtor about this possibility. Depending on your personal situation, the bank may ask you to pay something at closing. While this is rare, it does happen. Especially if you have the money in savings or other places.
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2. Not having a preliminary title search ? Most short sale agents?have an attorney they use and they can get a preliminary search done to make sure you have no surprises at closing (like a judgment that prevents the short sale!)
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3. Not starting with a reasonable list price and continuing with price reductions often. ? Let your Realtor handle this for you and take their advice!
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4. Taking an offer that is too low ? again, a good short sale agent will know when to accept and offer and when to counter it. Just like any other sale, you can still counter. If the offer is too low, the bank will not accept it and you waste a lot of time trying to get approval on a lowball?offer. Don?t be afraid to counter. However, listen closely to your agent and if they feel it is a good offer or there is a reason to accept, LISTEN to them
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5. Not having good the terms of contract agreed to ? there should be an agreed upon time-frame that the buyer will for sure wait. ( it needs to be reasonable, not 30 days) - ?a deposit upon seller acceptance (not short sale approval) should be just like any other sale. The property IS under contract and a binder is part of that. Otherwise, you risk the buyer not being committed to the sale.
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6. Wanting to submit multiple offers to the lender instead of one fully accepted and signed contract. Most lenders want one contract to deal with at a time. This does not mean you can?t have a backup, but that is what it should be, a backup being held by the agents.
7. Not working on all liens simultaneously. You can?t wait around on the first approval to get the other liens resolved. ? Your short sale agent should be able to walk you through this process.
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8. Not having a complete package for the lender. Again, your short sale agent will help you with this. Before sending documents to lender make sure you and your agent check for any common financial worksheet mistakes, adding/subtracting mistakes, missing/forgotten expenses, making sure to add on the mortgage payment for the loan you are short selling. It is still an expense even though the payments may not being made. ?Also, check for common package mistakes like leaving out documents, not labeling blank pages, not having names exactly the same on all documents and as they are on the loan, not providing supplemental hardship information asked for by lender.
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9. Not getting your emotions out of the transaction. Keeping your focus on the end result is important for you and your agent. You need to not focus on the sales price or other factors you would normally worry about if this was not a short sale. The important thing with the short sale is an approval from your lender and a successful closing.
Think you may qualify for a short sale in the areas of Anderson or Greenville ?SC? We can help. As Certified Distressed Property Experts in Anderson and Greenville SC areas, We are qualified to help you during this difficult time and we have a thorough understanding of the complex issues surrounding a short sale. Contact us today for a free confidential consultation, or visit www.SCForeclosureOptions.com?
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jason varitek andrew breitbart dead sheriff joe arpaio limbaugh aaron smith wilt chamberlain joe arpaio
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