1.  Do not rely on a family friend to buy your house; the process could take 3-6 months. And the bank's will not allow you to short-sale your home to a family member.  On top of that, what if they change their mind or something happens and they can’t buy your home?
2.  Do not waste your money on an appraisal just to see what the value of your home is. Values change every month in this market, it would be a waste of your time and money. Don’t do it!
3.  Do not hire an agent who is not informed on the short sale process!  Most Agents are not doing them because they’re a lot of work and there’s no guarantee they’ll go through.  If an agent wants to do your short sale, they genuinely want to help. Period!
4.  Do not let your property sit on the market 2 weeks without an offer! Often times the bank will not even look at your file without an offer. If it’s been 30 days and you still don’t have an offer, this means you are not negotiating with the bank yet… and time is ticking.
5.  Do not sign with an agent that says “I can get you more money.”  The short-sale market is what it is. Getting more money for the property has very little to do with getting the short sale approved.  In a short sale, price your property where it needs to be according to the market and prove to the bank that this is where it needs to be!
6.  Do not try to “sell it yourself”!  You’re wasting your time!  You need a buyer, 2-3 buyers, you need to hold on to those buyers and… try to negotiate the short sale. Just hire a professional.  It’s a totally different ball game.
7.  Don’t wait until the last minute to hire a real estate agent to do a short sale. Short Sales can take 3-6 months and we need that time to try and get it done. Call as soon as you get the “Notice of Default” or better yet, before you've missed 3 payments.
8.  Don’t concentrate on one form of negotiation, banks take forever to render a decision. And remember you have to qualify for re-payment plans or modification plans and if you know you may will not qualify...
9.  Do not procrastinate! Once you get a notice of default, find a solution quick. Let the professionals handle it. It’s less stressful if you hire an experienced professional to handle this type of emergency.
10.  Do not Deed the Property over to your spouse.  If they’re not on the “Title” that’s a “Red Flag” for the bank; needless to say, the loan is still in your name. Also, banks will not sell to anyone who is considered “Arms Length” (no family.)  You must find a buyer.

 

 

YOU ARE NOT ALONE.  A growing number of Tampa Bay residents are facing the same dilemma.  Recapture your sense of hapiness and let me help you through this confusing process.