#5 Short Seller Myth: Real Estate Agents Are ‘Cleaning Up’ in the Short Sale Market, Part II

It’s important to develop a relationship with an agent before you pursue short sale approval; an agent who not only knows how to the short sale market works, but who is also definitely on your side throughout the listing process, from escrow to closing. An experienced real estate professional – with the help of your lender – can help you explore all of your options before you make decisions that will greatly impact your immediate financial future, as well as your credit rating for future purchases.

Here are some short seller tips to help you during the process . . .

1.     Current Payments – Keep your loan and HOA payments current to avoid credit problems and increase chances of short sale approval.

2.     Lender Consultation – Talk to your lender as soon as possible to see what your short sale options are.

3.     Realtor Consultation – Talk to a real estate professional who understands short sales and can guide you through the approval and listing processes.

4.     Do Your Homework – Be flexible in your expectations. Don’t automatically say yes or no to the first offer from the bank. Make sure to consider all the aspects from the offer against your financial situation in order to make the right decision.

5.     Emotional Value – Don’t get overly attached to what you think your home is worth. In today’s changing market, values are always shifting. You have to set realistic expectations and be willing to accept what you can get.

6.     Property Damage – No matter what, do not damage the property on the way out. In some cases, this can result in civil or criminal litigation.

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