Although it is the lender who takes the losses in a Charlotte short sale, sellers could also have losses once the lender holds them liable for any difference between what the seller receives after the short sale and the amount the seller still owes in mortgage. This is called a deficiency judgment.
Losses also happen when sellers accept low-ball offers that go way beyond the market value of their Charlotte short sale.
Here are some tips on how to minimize your loss from a Charlotte short sale:
1. Hire a Charlotte NC short sale agent with experience in short sales.
A good Charlotte short sale agent will be able to tell you the market value of your home. Knowing the market value of your home will help you avoid accepting low-ball offers and selling your Charlotte short sale for too little. An experienced Charlotte short sale agent will also be able to market your home aggressively so it can be viewed by the widest pool of potential buyers possible.
2. Negotiate the terms of purchase and the contract of sale.
Don’t fall into the trap of falling for the first offer that comes along, even bad ones, just to get the Charlotte short sale over and done with. Buyers and their agents could lengthen the negotiation process to take advantage of the seller’s financial pressure. Be firm and tough in your negotiating stance and this will attract higher offers from buyers and help you avoid big financial losses.
3. Improve your Charlotte short sale’s condition and curb appeal.
Buyers will most likely submit higher offers on homes that look attractive from the outside. Make necessary repairs and replacements in your home to make it move-in ready. A Charlotte NC short sale with a good curb appeal and move-in ready condition will definitely attract higher offer from potential buyers.
Following these steps will help you as a seller minimize potential losses from your Charlotte short sale as well as get higher offers from buyers.
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