How to Minimize Loss from a Charlotte Short Sale

Charlotte NC Short Sale Agents, Charlotte NC Short Sales, Charlotte Short Sales, Short Sale Process, Short Sale Realtors, Charlotte NC Foreclosure

If you are planning on a Charlotte NC short sale, you may be wondering how to minimize loss from a short sale.

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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Nancy Braun

Nancy Braun, Owner & Broker in Charge of Showcase Realty, has a long track record in helping clients navigate the short sale process. Backed by 17 years of experience, she is both CDPE (Certified Distressed Property Expert) and SFR (Short Sales & Foreclosure Resource) certified. Nancy and Showcase Realty were recently named Real Trends’ 2013 America’s Best Real Estate Agents #1 North Carolina.