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3 Mistakes to Avoid with Short Sales | Gainesville

3 Mistakes to Avoid with Short Sales | Gainesville

Short sale is a very complex process. It is quite confusing to those who are unfamiliar with its dos and don’ts. Many people have a hard time understanding short sale and there are even agents who lack the necessary knowledge and skills to handle short sale transactions.

As given, you will want a successful short sale and to do this, your first priority should be looking for an experienced short sale agent. These agents know exactly how to prevent short sale missteps, and the necessary steps involved with the whole short sale process. The experience they earned will serve as a guide toward a successful Gainesville home short sale.

So Mistake No. 1 is hiring an agent with zero experience. But it’s not good to hire agents with less experience also. What we want here is an agent who has been polished with rough times of handling short sales.

Mistake No. 2 is deeding your home to a buyer. This is not a good option and will never be. The main problem here is that you give up all your rights and lose control over what happens with your loan.

Some buyers will only rent your home out, runaway with the money, and let your home go into foreclosure. Unfortunately, you will still be accountable for your loan and will have to face the court should you want to cancel the loan.

The only way you can avoid this is to deed your home only as a part of a legitimate sale after the short sale has been approved by your lender.

Mistake No. 3 is allowing your buyer to negotiate directly with their lender. When you do this, you are allowing the buyer to have complete control of the negotiation and they may even attempt to negotiate a very low price with your lender. Also, they could provide information to your lender that could complicate any future transactions.

This usually takes time and when the buyer backs out at the last minute, you will not have any other option but to foreclose.

You will have the best chance at a successful Gainesville short sale when you avoid these missteps upfront.

Other Articles to Read:

Bank of Americas Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents