Trying to short sale your house? Don’t assume it will close without any hiccups – even if the bank agrees to the buyer’s price. After being in this business for so long you see it all and I’ve had several short sales that blew up last minute because the home was left “unloved” by the seller for so long that it took a lot of scrambling to keep the deal together.
On a short sale it’s typical to see a seller up and leave and take whatever they can in the process. They tend to turn of the electric and just let everything go back to nature. This can become a huge problem. There are certainly situations where a seller simply cannot keep up with a property due to the economics of it, but there are a lot of times when little things can be done that could save a lot of heartache later on. Here are some things to keep in mind:
- Sometimes, if you treat the property well, banks will be more likely to have mercy on you when dealing with deficiency judgments for the remaining balance due on your note. If you just walk away and/or damage the house your chances of having a good end result with the bank go down.
- Buyers are picky in today’s market. You might think that buyers will buy anything because the prices are so low and that’s not the case. They can get scared off if there’s mold growing on the walls and there are dead bugs everywhere. This can happen quickly in a house that has been abandoned with the power shut off.
- Keep it up. You want the electric on and A/C running. Also, have the house cleaned every couple of months to get rid of dust and dead bugs and to keep the house looking fresh. This will go a long way in attracting a buyer who can close quickly on your house.
It’s easy to have an attitude of I’m not going to gain anything financially from a short sale, so why bother. The fact is if you do bother, you’ll be more likely to close quickly with a good buyer. You still want to open up the amount of available buyers for your home as widely as possible. Your goal with a short sale is to be rid of the property and to have the burden of the debt released from you. All banks operate differently, but I’ve seen them treat borrowers more fairly when they have not destroyed their properties.
Good luck short selling!
Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012 and 2013. He is the broker of Gulf Pointe Properties, Inc and has over 9 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 real estate help? Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com