Short sales is one giant beast that needs to be tackled by a unified and cohesive team. Everyone needs to do their part to ensure every document is filled, collected and turned in on time, regardless of the unreasonable timeframes that may be given by the lender.
Because the nature of a short sale transaction, is rocky, at the very least, it is important that everyone has strategies for each part of the transaction. A short sale will require the seller, buyer, realtors, negotiators, closing agent and attorneys to be on their feet, ready to tackle any problem that may arise.
What is a short sale you might be wondering? For these reason the short sale negotiation team, at Blick Law Firm, has these tips for a successful short sale transaction.
Tips For a Successful Short Sale Closing…
1. Price the home to sell: This should be the fastest part of the transaction. Have your realtor set the price to a reasonable value concurrent with market prices. Remember in a short sale, the price determines how much negotiating is required. You want to price it so that it is attractive to a large buyers pool but still enough that it will appraise to a value acceptable by the seller’s lender.
2. Gather your client’s information: This maybe one of the most challenging parts and you may need to get updated information periodically. There are, however, some necessary documents that you should have before you even get a contract that will assist in expediting your short sale. Ask us for a copy of our short sale package with the documents that are pertinent to executing a short sale.
3. Negotiate your price effectively: This is do or die and everyone needs to be on their feet. Although it is the job of the negotiator to come up with an acceptable price point there are things that the realtor can provide to assist in pricing. Condition of the house, marketability, location and hardship are all things that can help the price positioning process. If you priced it well, there shouldn’t be much variance in what the bank is asking and what the buyer is willing to offer.
4. Coordinate your closing quickly: Time is of the essence! If you are lucky enough to receive an approval from the bank, you must do everything in your power to coordinate a successful closing before the approval expires. Remember, sometimes you only have a few days until the approval expires, so everything must be on point.
If you need help with your short sale transaction, schedule a consultation with one of our short sale experts at Blick Law Firm. We know how to work short sale and have had numerous success stories in helping our clients sell their home. To schedule a consultation today CALL US AT