A great article by Donna Fuscaldo, @donnabail on Twitter, for FoxBusiness.com. The article covers How To Speed Up The Short Sale Process. Not only well written, but they used a very credible source: Brad Officer of RE/MAX & a Redfin Broker out of Phoenix, Marcus Fleming.
How to Speed Up The Short Sale Process
- Start with Professionals: This is probably the largest Debt you have -therefore work with a Short Sale Specialist. Every agent has jumped on the bandwagon of becoming a “Certified Distressed Expert”, but come on?!?! Research your chosen agent, make sure they have a clue and not just a 3 hour class.
- You must use an Attorney: Forget what your bank told you about it being as easy as submitting a few documents. It’s not that easy. If you go down the path of you doing the back and forth with a bank or your real estate agent doing the short sale processing, you could be looking at 6 months + to get an approval from the bank (which there’s only a buyer or two on the face of the planet that will wait that long). Once you get an approval, who are you going to have check it to make sure you aren’t getting a bad deal – your real estate agent? NO! Get a short sale attorney in Jacksonville!
- Understand Buyers: A buyer isn’t getting a ridiculously good deal on your home compared to today’s market value – those days are over! Therefore, you have to attract a buyer. If your home is in horrible condition, we’ll price it low as even your bank will recognize it needs work. If your home is in normal condition – Start Cleaning, trimming your hedges, fixing all those little annoying things. Your home has to attract a buyer – and hold onto a buyer.
- Speed Kills All Deals: This should be my motto. It should really be “no speed kills deals”. Throughout the short sale process, your attorney and bank will constantly request updated docs, i.e.. bank statements, pay stubs, a new addendum,etc. The longer you take to get these in, the compounding affect it has on the time line. Get every doc request in within 24 hours of request – and preferably same day.
- Maintain your Property: Power and water stays on. Lawn care and maintenance continues. The house stays in top condition via hired cleaners, AC running, etc. Naturally, every buyer has buyer’s remorse regardless of the house they purchase, but you don’t want to help them with that! Keep your stuff in top shape and your buyer will stick longer!