What Is The Best Way To Speed Up A Short Sale A short sale is the process in which the lender has agreed to the sale of a home that leaves it having to take a hit in terms of the outstanding loan amount. This normally comes about when the homeowner demonstrates that they can no longer afford to pay their home, and the value of the home is less than the outstanding loan amount. Although a lower price will usually help to speed up the sale of a home, in the case of a shortsale the decision no longer lays with the seller and its the lender who has the final word on what the home is sold for. As the lender will wish to decrease losses, they will insist that the property is sold for the highest possible value or else they would not accept any deal. Making use of the services of an agent who is skilled and has lots of experience in this process is one of the best ways to speed up a short sale process. If they know what a lender will want to see before agreeing to any deal, then you chances of getting a quick, successful deal are increased. For instance, an experienced agent would know how to best present the value of the house, so that the lender would agree to sell it at that price. Numerous skills and knowledge need to be learned by the agent for them to be able to present a strong argument. One of the primary things when it comes to ensuring everything goes smoothly is to have everything organized, and where possible solve all potential problems before they arise. Again, an experienced agent would know how best to go about this and somebody who knows what they are doing will know what questions should be asked and what questions will be asked before they happen. The lender is likely to want the sale to undergo as quickly as possible so that they can cut their losses, meaning that any delays that make it appear as though the
purchaser may be dragging their feet could result in the lender pulling out of the deal altogether. One example in which short sale deals are normally lost is when the buyer desires to make negotiations on the price after everything has been agreed. This can be for reasons that are genuine, like damage to the property which will require maintenance. Because such negotiations are ordinary when buying and selling properties, several people would not be aware that should they wish to enter into negotiations with the lender after agreements have been made then the lender is likely to withdraw from the deal. Once more, this is something that a qualified and experienced agent will be aware of and they would be able to instruct both the buyer and seller on the necessary procedures to avoid such complications. There are a number of things that could be done to accelerate a sale but buyers and sellers must remember that the lender is eager to do whatâ€™s in their best interests. With the guidance of an agent who knows the short sale market well, then you will increase your chances of seeing the deal go through successfully.
Published on Feb 28, 2011
A short sale is the process in which the lender has agreed to the sale of a home that leaves it having to take a hit in terms of the outstan...