Survive Your Short Sale!

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Short sales are still happening every day and they will continue to be a big part of our market.  If you are a seller, I’ll give you some tips to hopefully help you get out from underneath a property you can no longer afford.  Don’t let a short sale intimidate you.  Yes, they can be more aggravating and time consuming, but if you stay the course you should be able to get your home sold and get out from underneath your burden.

 

  1. Hire a Professional– Make sure you hire 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 be a big mistake for you.  Most banks will force you to hire a Realtor to short sale your property, so why not hire a good one in the first place?
  2. HOA Fees – If you can afford to pay the association fees where you live, it will make your short sale go a lot smoother.  Most banks now will only pay one year in back HOA fees.  If the seller hasn’t paid the HOA fees for a couple of years, it can be more difficult to complete.  Most banks won’t pay the excess fees and it can easily kill the deal.
  3. Maintain It – Keep the house clean and well-kept if you can.  Do not let the home deteriorate and if possible, keep the A/C on to prevent mold growth.
  4. Communication is Key – 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 additional months!
  5. Close It – 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! If you are patient during this process, you should be pleasantly surprised!

 

Need help Selling, Buying, or with Property Management?  Gulf Pointe Properties would be glad to help!  Please contact Gabe for advice at:  239.825.2234, Gabe@GulfPointeProperties.com  or www.GulfPointeProperties.com   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.

 

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