Things to Avoid in a Short Sale

When managing a short sale home, there are a few pitfalls and things to avoid.

It’s important to request the existing lender’s information and request the loan number and bank info on a short sale home. As soon as you can, request the payoff information. Some lenders provide a short sale package. It’s a good idea to request this information if available.

When handling short sale home, there are a few pitfalls and things to avoid.

Things to Avoid in a Short Sale

1. If the seller has a FHA loan, do not advise the seller to move out. It’s a good idea for the seller to stay in the home.

2. Don’t promise unrealistic time deadlines.

3. Don’t spend money on an appraisal until the lender has approved the short sale.

4. Don’t send an incomplete short sale package to the lender. There is a good chance it will get thrown out of the pile of considered offers.

Short Sales are more complex than normal real estate transactions. It’s important not to make false promises about the short sale process.

If your offer is rejected by the lender, don’t give up on the process. Many times you can resubmit the same offer. Sometimes lenders will do what’s necessary to avoid foreclosure, so they might consider your offer the 2^nd time.

The real estate industry will be dealing with short sales for many months to come. It’s important to learn about things to avoid.

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