Tuesday, June 26, 2012

Pricing Your Brevard County, Florida Short Sale to "Sell"

I have experienced short sale situations where the seller just signs off on an obviously weak offer.   In many, if not all, of these cases I was really expecting a counteroffer.  After all, my clients had submitted realistic "let's talk" offers.

But the seller deferred and responded they would let the lender decide. 
I do not understand this reasoning as it is obviously in the short sale seller’s best interest to get the most money for their house as possible. 

By its definition "short sale" implies there will be a difference between selling price and monies owed. 

If a short sale is approved the lender is going to decide what options are available for dealing with the difference. 

As a seller your goal should be to minimize the deficiency.  How do you do this?
  1. Stage and prepare to sell your home as if you will be "banking" the difference.
  2. Negotiate the offer as if you will be "banking" the difference.
Because, depending on the difference, you may be "banking" the difference in the way of a personal note to the bank in exchange for an approval.

 A short sale is not a get out of jail free card with no obligations on the part of a seller.

If you live in Brevard County, Florida and circumstances require you to consider a short sale, lets talk and see if I can assist you in any way.