Greetings neighbors,

As mentioned in yesterday's post "Thinking About A Short Sale? Here Are Common Mistakes........During the Process" we mentioned three common mistakes made by both agents and distressed homeowners during the short sale process. Here are four more common mistakes to be on the lookout for.

1) Not Enough Time

It is essential that your agent comprehends the foreclosure laws in your local area. You should expect your agent to provide you with an approximate timeline from start to closing. They should also understand the importance of communication with the lender. Specific information can be provided to postpone your foreclosure to negotiate a sale.

Solution: Provide Accurate and Useful Information

You will need to be certain to provide your agent with accurate payment information in reference to your home such as missed payments and any correspondence from your lender.  This will enable your agent to have a complete understanding of your situation.

2) Your Deal Is Not Submitted Properly

If you do not follow the submission directions properly you are basically placing the fate of your deal in an already stressed, overworked, and under staffed department which is not in your best interest.

Solution: Carefully Follow Instructions

Double check everything and make sure to follow through. If you're instructed to fax over information, send the fax plus go the extra mile and mail the information as well. In addition, if you're asked to mail two copies do exactly that, mail two copies. You don't want to have your deal fall apart do to your information not being received.

3) The Buyer's Offer is Too Low

Most of the time, agents will advise you to submit any offer your receive. However, you must keep in mind that the lender is looking for an offer that's better than a foreclosure.

Solution: Proper Negotiation

If you have the right agent, he or she will work with you to negotiate any offer received to help you get the highest and the best from potential buyers. 

4) The Buyer's Contract Is Not Strong Enough

Especially in today's economy, just because a buyer make an offer doesn't mean they're qualified to purchase. Buyers who make offers still need to be pre approved for financing, closing funds must be verified, and the buyer's ability to buy needs to confirmed.

Solution: An Agent Familiar With Qualifying Buyers

Your agent needs to be fully educated on the short sale process as well as familiar with the verification needed to determine a qualified buyer to submit an offer.  If not, these offers have a great chance of falling through.

Looking for a CDPE? Contact the zac team RE/MAX Greater Atlanta. Address: 1057 Ponce De Leon Avenue Northeast
Atlanta, GA 30306 Phone: (404) 564-7200