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7 Reasons Why Some Short Sales Never Sell

June 17, 2012 | Comments: 0 | Views: 118

There are home owners who prefer selling their property as short sale rather than having their home foreclosed. Though for some sellers had successfully sold their home, there are also sale sellers who find it difficult to sell a home as short sale because of the intricacies involved in this type of real estate transaction. And if not be executed correctly, this procedure can create an unpleasant outcome or cause the home seller to lose their home through foreclosure proceedings.

Below are the common pitfalls that most short sale sellers fall into:

1. Priced Wrong

When selling a home, make sure that it is priced accurately priced. When you are in the process of searching for short sales you will notice that some houses are priced too high, some are priced too low. But only few really sells and those are homes that are priced properly. The price that you will give for your home should be attractive to following people or entities:

-The Short Sale Bank-The Buyer-The Buyer's Agent-The Seller-The Buyer's Lender

Attracting these entities may appear unfeasible, but it is viable. There is a system in pricing a short sale.

2. Hiring An Inexperienced Listing Agent

In times of falling market, agents with little business are often fascinated to short sales. As a seller, you should know how many properties has a potential listing agent has really sold apart from the number of short sales the agent has included in their listings.

3. Bad Marketing

Some agents presume that pricing is the only factor that should be taken into considered when selling short sale, and they convince home sellers to place a bizarre price tag on the house. Then the agent intentionally refuses to efficiently advertise the home. The home should not only be priced accurately but it also needs the same level of advertising just like how other listings are being promoted. Short sales should be publicized and reach a wide range of audience.

4. Showing Limitations

Due to the tiring and exhausting nature of their work, there are some buyer's agents who sometimes take the easier ways of finding short sales. If a listing necessitates a personal meeting, a buyer's agent might skip that home and choose listings that do not have appointment restrictions.

5. Not Displaying Photographs Of The Property

Including your home in Multiple Listing Service (MLS) without putting several photographs is like closing a door to a potential buyer. And don't expect that home seekers would care to contact you to purchase your home. A listing without a photograph gives buyers the impression that nobody cares if the house sells or it sometimes it creates a negative notion that there is something wrong with the property.

6. Bad Condition Of The Property

Home staging is crucial in selling your home. Sellers have to exert effort in making their home for sale look presentable and ready for open houses. The home should look in perfect condition once it comes out in the market.

7. Uncooperative Sellers

Sellers are required to submit documentation to the bank in a timely manner. In case the package is incomplete, the bank will not process the file, and the will surely setback the approval.

If a seller begs off to submit personal financial information and a logical hardship letter, the seller will not qualify for a short sale.

Jason, a professional and dedicated real estate agent, aims to help both home sellers and buyers have a good real estate experience through the use of MLS MN. For more information on how to find the best homes for sale in Minnesota or tips on how to sell a home, visit Apple Valley MN.

Source: EzineArticles
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