Short Selling Your House

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If you can no longer keep your head above water, it’s time to let go of the house that’s strapped to your ankles pulling you down to a watery grave.  Don’t worry- it’s possible to sell your home even if you are under water on what you owe vs. what someone will buy it for today.  Here are 5 tips to help you come out on top!

 

  1. Hire a Pro – Consult with a Realtor who understands the process of short sales from start to finish.  When I sell short sale homes, I always use an attorney to negotiate with the bank for the most favorable terms for my clients.  Hiring the wrong Realtor who lacks the knowledge and who does not have a team of experienced attorneys who can handle bank negotiators could quickly cause you to end up in a terrible mess and legal trouble.
  2. Keep It Up – Often times sellers strip the house of appliances, fans, lights, etc.  Selling appliances for a couple hundred bucks may turn off a potential home buyer who is now without the appliances, leaving you stuck with the house!  Do not let the home deteriorate and if possible, keep the A/C on to prevent mold growth.
  3. Patience Pays – Once you get the home under contract with a buyer, it’s time to be patient.  All your paperwork is being handled by your Realtor and attorney who are communicating with the bank.  These banks are unorganized chaos and bearing with them is all you can do.  We always maintain prompt and continuous follow up with them, which leads to closed sales.  You, as a seller, need to plan on this process taking a few months, even though it could take less – or more – time.
  4. Communication – This is really where you need a good Realtor on your team.  If the buyer is not being communicated to throughout the process, they will most likely get tired of waiting, lose all hope of ever owning your home, and walk away.  Now you have to find a new buyer which can delay this process for months!  Communication is essential and will get you to a closed sale.
  5. Closing Time – Make sure you understand your bank approval letter when it’s time to close.  We always work in your best interest to have the bank waive any deficiencies against you.  All banks are different, but with some experience and tact it can usually be accomplished!

Happy Selling!

 

Gabe Mellein is the broker of Gulf Pointe Properties,   He has 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need help Selling, Buying, or with Property Management?  Please contact Gabe for FREE advice at:  239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com

 

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