The concept of short selling might give the impression that it is the easiest way to dispose of some property because the low price would lure more buyers. Well, the low price is indeed a big attraction, but sellers must do many more things right to ensure that the property sells at the end.
The process of short selling is complicated, and sellers must ensure that they do not make any mistake that can derail the process or drive things against them. Referring to some real estate review sites like Phill Grove review that educate investors about various real estate transaction techniques, including short sale will do a lot of good in avoiding some common mistakes like the ones discussed in this article.
The most challenging task that sellers face is to work out the appropriate amount because although it is a low price, it is not a distress sale.
The price must be attractive to both buyers as well as sellers, their agents, and the bank that finances the buyer and the lender of the seller. Pricing a short sale property is an art and protecting the interest of all parties involved though a tricky job is very much achievable.
Agent’s lack of experience
The experience of the agent that a seller engages for short selling property matters most to ensure a smooth transaction that benefits sellers. Unless the agent has some good knowledge of closing several similar deals, there are chances that the sale might go against the interest of the seller.
If the agent has too many open listings more than 90 days old, sellers must take guard against working the agent. Having at least 2-years’ experience of working with short sales banks is the sign of a reliable agent.
As told earlier, the pricing must be as near perfect even though it does not always assure a positive outcome. Short sales properties are like any other home and need the same kind of marketing efforts as any other listing.
Exposing the property to the widest pool of buyers through good marketing increases the chances of striking a good deal.
Restrictions on showing the property
Buyers want to gain quick and easy access to properties for inspection and would expect sellers to have the window open for most of the time.
However, some sellers who restrict the options by specifying times or dates for inspection or need to fix an appointment for visiting the property reduce their chances of selling the property. Being open to inspections without any conditions shows the eagerness of sellers that also encourage buyers to take an interest in the property.
The poor condition of the property
Preparing the home for sale by keeping it in good condition can impress buyers. Keeping the house clean and uncluttered with proper home staging will pave the way for clinching a deal quickly. If the home is unclean and littered, buyers would fear that the seller would leave the trash when vacating.
Not providing a few photographs of the property on the listings is another mistake to avoid.