Atlanta Short Sales: Avoid These Common Seller Mistakes

Posted by on Monday, September 3rd, 2012 at 10:25am.

atlanta-short-sale_agentsFor metro Atlanta homeowners who owe more on their mortgages than their houses are worth, short sales can offer an escape. Though the short sale process is neither quick nor stress-free, it is a way to get out of a difficult mortgage situation and avoid foreclosure. Unfortunately, many Atlanta homeowners make mistakes during the short sale process.

Learn from the experiences of other sellers, and avoid these common short sale missteps.

Choosing an inexperienced agent

Short sales differ in a number of respects from regular listings. They can drag on for months, and it is best to hire an Atlanta real estate agent with extensive short sale experience who will stay on top of the process. Certification in selling distressed properties and completion of short-sale courses do not compare with actual experience. Ask a prospective agent how many short sales he or she has successfully closed. Tina and her staff of agents have successfully represented both sellers and buyers in completing short sale transactions. Our short sale experience includes working with large national banks as well as local banks and mortgage companies.

Insufficient marketing

Though important, price alone will not sell a short sale. A short sale deserves the same level of marketing given to a regular listing. Short sales should be exposed to a large audience of potential buyers utilizing an established online marketing strategy in order to locate a buyer in time. Online listings should present several photographs showing that the home is in good condition.

Poor maintenance

Uncut grass, peeling paint, dirty carpets and unmade beds turn off prospective buyers. Even a lower price will not compensate for lack of maintenance. Patch up holes, clean carpets, repaint and keep up with the yard work to appeal to buyers. The house should be kept pristine until the sale goes through. Don't give prospective buyers any reason to fear the house will be trashed upon vacating.

Lack of availability

Even if you are unhappy at the prospect of selling your house, refusing to make it available for showings will only put you in a more difficult situation when you don't get an offer. Most people want to avoid the stress of foreclosure. Cooperate with your agent, and make your home available for showings on evenings and weekends. You will gain an advantage over less flexible short sellers.

Failing to keep up with dues

Don't stop paying homeowner association (HOA) dues once you have decided on a short sale. Missed HOA payments can present formidable difficulties when you move toward closing. Neglecting to pay dues may result in the HOA putting a lien on the property, and someone will have to pay off that lien before the sale can go forward. Keep in mind that your dues help the association maintain common areas, and you have an obligation to other homeowners in the community to live up to your financial responsibility.

Working hard to sell your home as a short sale will pay off in the long run. Remember that a successful short sale will help you reduce or eliminate your mortgage debt. By avoiding foreclosure, you can begin rebuilding your credit sooner and shorten the time needed to qualify for a mortgage to purchase another home.

4 Responses to "Atlanta Short Sales: Avoid These Common Seller Mistakes"

Chris Adams wrote: Thanks for sharing this wonderful and very helpful article Tina! I agree that "maintaining your house" before putting it in a short sale could greatly help in marketing your property.

Posted on Monday, September 10th, 2012 at 11:10pm.

Brenda Jackson wrote: Great post. Too many sellers drift off on so many of these things as their house sits on the market... not smart.

Posted on Friday, September 14th, 2012 at 4:09pm.

Josh Malone wrote: I agree Tina, just because a seller maybe having to short sale their home does not mean that they should just let it go and stop caring for it. Just because it is a short sale does not mean that they still do not need to sell it as they need to even more so they can avoid a foreclosure. It just doesn't make sense to my why so many have that attitude. I mean, I do not imagine I would be shelling out tons of money for a remodel, but why wouldn't you want your home spotless so you can sell it and get it out of your hair.

Posted on Tuesday, October 16th, 2012 at 4:12pm.

agent david wrote: Some banks give extra time if you list for a short sale, so non-cooperation makes sense in a perverse sort of way. I always dread showing short sales because there always seem to be problems with the alarm. I used to be a lawyer. The next step if they don't do a short will be bankruptcy. Especially if you don't get forgiveness for the deficiency.

Posted on Sunday, November 4th, 2012 at 7:28pm.

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