subject: How Marketing is useful in selling short sale home [print this page] How Marketing is useful in selling short sale home
"In the last few months, selling short sale home has become less the exception to the rule and more of the norm. But this doesn't mean it's easierin fact, with more competition, sellers are under greater pressure to find willing buyers and sell on time. So how do you plan and carry out your short sale to get the results you want? Here are five things every seller should keep in mind when selling short sale home today.
Hardship Is Essential
Occasionally, banks do short sales with perfectly stable and financially secure borrowers. But these are rare, and to get your lender to take a loss on your part, you should be able to prove extreme hardship. The bank wants to know that selling short sale home is your only option. Write a convincing hardship letter and be ready to provide supporting documents, such as medical bills or certificates, to prove your point.
Do The Numbers
Another reason banks agree to short sales is that their losses are smaller compared to the costs of a foreclosure. But selling short sale home doesn't come cheap either. Do some research and find out your home's current value, and compare it against the balance left on your mortgage. Factor in the costs of the sale such as agent's commissions and closing fees. This way, the bank can see exactly how much they stand to lose and decide faster.
Set A Good Price
Pricing is probably the most important element in selling short sale home. Short sales have to be priced below market value; otherwise a buyer won't have any incentive to wait six months or more for short sale approval. Knowing how much your home is worth and how much you owe will help you determine how much the home should sell for. This will allow you to negotiate better with buyers without being on the losing end.
Market Your Home
Marketing is vital to selling short sale home, especially in today's market. Also, lenders have tightened their rules and are less willing to extend deadlines when a borrower doesn't close the sale within the agreed date. Your agent can help you get word around about your short sale home so you can find a buyer in less time. You can also do your part by telling friends and family and posting flyers around your neighborhood.
Start Early
Technically, you can initiate a short sale the day before a foreclosure auction. But the earlier you start, the better your chances of selling short sale home in a reasonable time. A home that's close to foreclosure is less attractive to buyers than one that has a bit of time to spare. It's also allow you to price the home higher and reduce the deficiency, limiting the damage to your credit score."
