Common Short Sale Mistakes and How To Avoid Them Part One

Posted on September 28th, 2010 in All Articles, Short Selling/Buying.

Chicago IL – Here are common short sale mistakes we often see people make.

Common Short Sale Mistake #1: Not ordering a title search before negotiating the short sale.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Many people do all the work of negotiating a short sale payoff, only to find out that the property has liens or second mortgages. Many different things can attach to a property, including homeowner’s association fees, judgments, tax liens, levies, etc.

Make sure your agent orders a title search when your house is first put up for sale. That way everything can be factored in up front.

Common Short Sale Mistake #2: Unrealistic Pricing. Because of the threat of a pending foreclosure, short sales need to be done as quickly as possible.

If you price a property more expensively than similar homes, then buyers won’t be interested. As a result the home won’t sell and risks being foreclosed upon.

On the other hand avoid a low asking price. If the short sale offers are too low, they will be rejected by the lender.

I recommend finding the fair market value and listing the house at that price. Price adjustments can be considered on a regular basis from there.

Common Short Sale Mistake #3: Not using photos of the inside and outside of the home in marketing. Most buyers start their home search online. They browse lots of different websites looking for the one that works for them.

If a buyer likes the pictures of your home, then they will schedule a showing. But, if there are no pictures, then it is unlikely they will ever look at it. With all the homes for sale, they have lots of homes with pictures to choose from.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for greats tips and information on short selling in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. phil@teambrealty.com.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

View My homes for sale at www.BetterLivingRealty.com