Top Reasons Why Short Sales Fail No1

Top Reasons Why Short Sales Fail No1

Short sales are complicated. With all the variables that need to be juggled, it’s easy to make mistakes that end up derailing a transaction.

1) Failure to understand and justify market value.

Setting a price for a short sale is the delicate art of balancing what a buyer will pay and what the lender will approve. It’s important to understand how the lender values a property. The bank will commonly hire an appraiser or BPO broker to set a value after you submit an offer. If you have set the price too low, the lender will not approve the offer. Everyone loses. The buyer has been given an unrealistic expectation of what they should pay, so usually is not willing or able to offer much more. More importantly, your clock is ticking. You have a certain deadline to do a short sale and avoid foreclosure, and valuable time has been spent on a deal that was never going to go through.

Tami Pocevic Headshot
Phone: 941-408-0600
Dated: May 8th 2014
Views: 540
About Tami: Tami has been a licensed real estate agent for over 12 years. She currently resides in Venice and e...

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