When a homeowner experiences a financial crisis or emergency, selling a home for less than is owed on the mortgage may become necessary. This short sale may allow the homeowner to avoid entering foreclosure while also minimizing financial loss.
Selling a home as a distressed property, which means it’s already in pre-foreclosure or foreclosure, is another option when a homeowner experiences a financial emergency.
Just like purchasing a home, the process of selling one – and especially as a short sale or distressed property – is complex. Even a homeowner who is willing to spend time studying the process may find the negotiations and paperwork involved in a short sale overwhelming.
Just as you might conduct some research to find the best roofer, plumber, or electrician to fix your home, the same process is important for selling the home, particularly as a distressed sale or short sale. Here are some of the characteristics of excellent short-sale negotiation companies, as well as more about how to make the process a success.
- Prioritize Experience Handling Distressed Properties: Look for a short sale negotiator with a strong track record in managing distressed property sales. Their experience with navigating negotiations and working with lenders is crucial for a successful outcome.
- Ensure Expertise in Short Sales: Opt for a negotiator who specializes in short sales and has a deep understanding of the unique intricacies involved in these transactions.
- Select a Fraud Prevention Expert: Choose a negotiator experienced in identifying and preventing potential fraud, safeguarding your interests during the process.
- Verify Licensing and Qualifications: Verify that your chosen negotiator is a licensed real estate agent or meets the legal requirements for handling short sale negotiations in your state.
- Consider Legal Support: Explore negotiators who possess legal expertise or have legal professionals on their team. This can be beneficial for addressing any legal complexities.
- Understand State Requirements: Familiarize yourself with your state’s regulations on short sale negotiations and ensure your chosen negotiator meets the necessary criteria.
- Emphasize Communication Skills: Select a negotiator who excels in communication and can explain the process clearly, keeping you informed every step of the way.
- Review Past Client Feedback: Research the negotiator’s reputation by reading reviews or seeking references from previous clients.
- Transparent Fee Discussion: Clearly discuss and understand the negotiator’s fees and compensation structure before proceeding.
- Customized Approach: Opt for a negotiator who can create a tailored plan based on your specific situation, showcasing their adaptability and expertise.
- Understand the Negotiator’s End Game: Have a discussion with the negotiator to understand their ultimate goal or strategy. This will help align your expectations and ensure that their approach matches your desired outcome.
Adding a Short Sale Negotiator to the Process
Some sellers may already have their home listed with a real estate broker or entity who isn’t experienced in handling short sales. In such cases, a seller may add a short-sale negotiator to their team without stopping work with their initial broker.
The short sale process may involve multiple parties, and working with a group of professionals who are licensed and experienced will ensure that the right steps are taken to complete the sale in an equitable, legal, and hassle-free manner.