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Charlotte Short Sale Agents
Charlotte Short Sale Agents
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:
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.
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.
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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Charlotte short sale sellers- How to NOT lose your buyer! If it’s your first time to sell a Charlotte short sale home, there are probably a hundred things running through your mind, and one of them is “how do I not lose my buyer to all the competition?”
Follow these four easy ways on how to avoid losing your buyer for your Charlotte short sale transaction:
Outline all the possible things that the bank may disapprove as part of the Charlotte short sale on the addendum. Examples of items that the bank may not approve are past HOA dues, home warranty, septic pumping, and pest control, among other things. Make it clear that even if the bank will not approve these items, the short sale will still go on.
When the buyer pays the earnest money check to escrow (or to the title company or the broker trust account), the buyer signifies to the seller that he or she is committed to buying the Charlotte short sale. It will also be more likely that the buyer will not shop around for other homes since the buyer already has made a deposit on your Charlotte short sale.
Even if nothing much happens during the week in the short sale process, Charlotte NC short sale agents should always give a weekly written update to you and the buyer’s agent. Hopefully, the buyer’s agent will relay this information to the buyers. Buyers appreciate regular updates and will be encouraged that small steps are being made towards the approval of the Charlotte short sale.
Charlotte NC short sale agents should also provide your buyers and buyer’s agents with a document on how the short sale agent manages the short sale transaction for you. This document could include the time frame and communication methods. This will be greatly appreciated by a buyer who has never gone through a short sale transaction before and it sets all the parties’ expectations that the approval may not come fast. You wouldn’t want to lose a buyer because they got impatient in waiting for the short sale approval.
If you and your Charlotte NC short sale agents do these four simple steps, then you will avoid losing buyers and may have a successful Charlotte short sale in no time!
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If you are ready to put an offer on a Charlotte NC short sale, and the short sale has been accepted at a price that seems just right, you still shouldn’t breathe a sigh of relief since there are still the inspections to get over with.
Inspections are often the most critical, possibly deal-breaking point in a Charlotte short sale transaction where buyers could walk away from the deal.
What could have started out as a great deal could turn sour once the bank refuses to lower their price to make up for damages and defects that are uncovered during home inspections of the Charlotte NC short sale home.
As a buyer, here are some tactics you can use to turn the table to your favor in working with the parties involved:
The short sale process officially begins once you submitted your purchase contract to the listing agent and once they have gathered the rest of the documents they need such as proof of funds, HUD, and pre-qualification. This will be your first opportunity to ask for concessions, to prepare yourself in the event that the bank won’t concede in lowering the asking price to make up for damages in the home. Ask the title officer who prepared the HUD for your contract to add seller concessions. They could start with 3%. If you are financed, it will be very beneficial for you to add these concessions. You could still ask for concessions even if you are paying cash. They could say “No,” but in case they approve, the lender will have little room to budge and gives you some sort of a buffer as a buyer.
The inspection period will start once the Charlotte short sale is approved. There is no difference on what you could negotiate during inspections of a short sale compared with a traditional sale. The only difference is the deciding party with the last say is not the seller, but the lender or MI company. This means you are not trying to convince someone who is more aware of the property’s condition, but a company to accept a lower value than what they have already approved and accepted more losses for the home.
Make it simpler for the lender by breaking down specifically what’s wrong with the Charlotte short sale home, how much it will cost to repair it, and submit a formal inspection report summary and a repair cost estimate done by a professional. Let’s say the total estimated repairs amounted to $10,000, and then you could probably ask $7,000 off from the home’s price. This will appear that you are willing to take less than what is needed for repairs and hope that the lender might concede to your request.
Even if the Charlotte short sale is being bought in an “as-is” condition, you still have the right to negotiate on the price. You are not asking the lenders to fix the home, just lower their price so you could still have enough left for repairs.
Couple this with comps of other similar Charlotte NC short sale homes, a new HUD, and a price addendum. Providing them with quantitative data will make it easier for them to decide on whether to accept your offer for a lower price.
Although we can’t control the final say of the lender in accepting your short sale offer, knowing and understanding the Charlotte short sale process will help you work it out to your advantage.
For more information please contact CharlotteNCShortSalesAgent at Sold@ShowcaserRealty.net or call us at 704-325-4955
Also visit us online at www.showcaserealty.net