What NOT to do when you are considering a Short Sale. by Albert Stimer

What NOT to do when you are considering a Short Sale.
1. Do not rely on friends or family members to buy your house; the process could take1- 3-6 months. What if they change their mind or something happens and they can’t buy your home? ps. most lenders will not allow this type of transaction.
2. Do not waste your money just to see what is the value of your home is. Values change every month in this market, it would be a waste of your time and money. Don’t do it!
3. Do not hire an agent or Realtor who has never done a short sale. Interview agents who have done short sales before and… have gotten them approved! Most Agents hate them, they’re a lot of work and there’s no guarantee they’ll go through. If an agent wants to do your short sale, they genuinely want to help. Period!
4. Do not let your property sit on the market 4 weeks without an offer! The bank will not even look at your file without an offer. If it’s been 30 days and you still don’t have an offer, this means that your property is over priced and , you are not negotiating with the bank yet… and time is ticking. They need an offer.
5. Do not sign with an agent that says “I can get you more money” the market is what it is. Getting more money for the property has very little to do with getting the short sale approved! We price your property where it needs to be according to the market and prove it to the bank; that this is where it needs to be! Remember your goal is to sell your property for any price as long as your lender (s) agree it could be ONE dollar.
6. Do not try to “sell it yourself”! You’re wasting your time! banks want to make sure it's handled professionaly that's why they want an agent involved, You need a buyer, 2-3 buyers, you need to hold on to those buyers and… try to negotiate the short sale. Just hire a professional. It’s a totally different ball game.
7. Don’t wait until the last minute to hire a real estate agent to do a short sale. Short Sales can take 1-3-6 months and we need that time to try and get it done. Call us as soon as you get the “Notice of Default” or better yet, before you miss a payment.
8. Don’t ignore court summons , respond ito it either by hiring an attorney or by appering pro-se . Judges will have more sympaty if you are fighting to resolve the problem and may grant you extension on your foreclosure.
9. Do not procrastinate! Once you get a notice of default, find a solution quick. Let the professionals handle it. It’s less stressful if you hire an experienced short sale professional to handle this type of emergency.
10. Do not Deed the Property over to your spouse if they’re not on the “Title” that’s a “Red Flag” for the bank; needless to say, the loan is still in your name. Also, banks will not sell to anyone who is not considered “Arms Length”. You must find a ligit buyer.
About the author. Albert Stimer is a real estate broker , short sale expert in Orlando Florida , who specializes in helping homeowners avoid foreclosure by selling their properties as short sales , Albert and his team have sold and negotiated millions worth of real estate in Orlando and have saved their clients almost 15 million dollars within the last 18 months.
http://www.ezbanksales.com