A short sale provides homeowners with a good option in cases where they’re underwater on the home or simply cannot afford the property any longer. But while many believe that their greatest challenge is to convince the lender to approve the sale of the home for a price that’s less than what’s owed on the home loan, that’s actually just one of the many challenges the seller will face. So today, The Short Sale Gal Kristine Zelazo explores tips for selling your home as a short sale!
Selling Your Home as a Short Sale: Choose a Specialist
If you needed to get a tooth pulled, you wouldn’t go to your general practitioner; you’d go to the dentist — someone who specializes in tooth extractions. While a general practitioner could probably assist in some capacity, they’re not the best person for the job.
The same goes for a selling your home in a short sale. You should choose a real estate professional who specializes in short sales in order to get the best possible outcome.
Selling Your Home as a Short Sale: Understand the Consequences
Many homeowners assume that by selling the home in a short sale, they’re released from any further obligation to pay the balance. This is not always the case. In some instances, the lender may attempt to collect the balance.
Therefore, it’s important that you have a good negotiator on your side to ensure that you are released from all further obligations, also known as a deficiency judgment.
You may also wish to avoid a deficiency judgment by performing a short sale through the HAFA program (Home Affordable Foreclosure Alternatives), as lenders who agree to participate in this program agree to release the homeowner from any further obligation.
Stay Current on HOA Dues and Taxes
It’s vital that you remain current on taxes and homeowner’s association dues when selling your home as a short sale as these issues can serve as a deal breaker.
Unlike a typical sale, the lender will generally refuse to pay off liens and HOA dues, which can place the burden on the prospective buyer….and that can serve as a deal breaker. So don’t compromise your chances of a short sale; stay current on those taxes and HOA dues.
There are a number of unique steps and processes involved when buying a short sale property or when selling your home through a short sale instead of a traditional real estate transaction. You’ll have lots of advantages in this regard when you work with a short sale expert like Kristine Zelazo, better known as The Short Sale Gal.
Kristine works with both buyers and sellers. So if you’re an investor seeking to get started in buying short sales and need a great mentor or wish to pursue a short sale transaction for the sale of your property, turn to Kristine Zelazo, the Short Sale Gal!
To get started with selling your home, simply complete the home pre-sale form to provide Kristine with additional information on the property in question. Questions? Call 800.664.0616, x802.