3 Short Sale Mistakes to Avoid

Going through a short sale is not something that anyone ever wants to have to deal with. However, sometimes due to negative circumstances, we may be forced to do things that we do not want to do. When you are forced to consider a short sale as a resolution to your mortgage problem, you will want to make sure that you do things correctly. The short sale process can be very confusing if you have no experience with it. You want to avoid making any big mistakes along the way. Here are a few common short sale mistakes that you will want to avoid. 

1. Not Getting Help

When you go through a short sale, you will want to make sure that you have someone on your side that knows what they are doing. You could hire a lawyer, a real estate agent or even a short sale consultant. Regardless of who you choose to hire, you will want to get someone in your corner that has been through this before. Most people only get one chance to do a short sale once in their lifetimes. Therefore, you will most likely not know the first thing about the process or how it works. Getting someone with a little bit of experience in the industry can help you tremendously.

2. Not Talking to the Lender First

When you are planning on trying a short sale on your house, you will need to speak to the lender about this idea first. Some people think that they can just initiate a short sale on their own. While they could potentially list the house as a short sale and find a buyer, it is up to the bank to allow the process. If the bank does not sign off on the deal, there will be no short sale going through. Instead, they can just decide to foreclose on the property and not be involved with you anymore. Therefore, you will want to talk to the lender first and get their approval of the process. This will help you avoid a lot of disappointment in the future. 

3. Not Marketing the House

When you have the opportunity to do a short sale, you need to take full advantage of it. While it is not the ideal situation for your credit, it can help you get out from under a big mortgage problem. When you get the authorization from the lender, you need to run with it. Start promoting the property immediately and make sure that you are working with a good real estate agent. Choose an agent that has a lot of experience in the short sale industry and knows how to move a property. You need to expose your short sale to as many people as possible. Utilize the internet, flyers, classified ads and any other means that you can think of to promote a real estate listing. Short sales will usually attract some interest, but you want to bring in as many potential buyers as possible. 

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