Charleston SC - Here are common short sale mistakes we often see people make.
Common Short Sale Mistake #1: Not ordering a title search before negotiating the short sale.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Many people do all the work of negotiating a short sale payoff, only to find out that the property has liens or second mortgages. Many different things can attach to a property, including homeowner's association fees, judgments, tax liens, levies, etc.
Make sure your agent orders a title search when your house is first put up for sale. That way everything can be factored in up front.
Common Short Sale Mistake #2: Unrealistic Pricing. Because of the threat of a pending foreclosure, short sales need to be done as quickly as possible.
If you price a property more expensively than similar homes, then buyers won't be interested. As a result the home won't sell and risks being foreclosed upon.
On the other hand avoid a low asking price. If the short sale offers are too low, they will be rejected by the lender.
I recommend finding the fair market value and listing the house at that price. Price adjustments can be considered on a regular basis from there.
Common Short Sale Mistake #3: Not using photos of the inside and outside of the home in marketing. Most buyers start their home search online. They browse lots of different websites looking for the one that works for them.
If a buyer likes the pictures of your home, then they will schedule a showing. But, if there are no pictures, then it is unlikely they will ever look at it. With all the homes for sale, they have lots of homes with pictures to choose from.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jeffcook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. jeffcook@JeffCookRealEstate.com.
View My homes for sale at .
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Short Sale Realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co. This information on Common Short Sale Mistakes and How To Avoid Them is provided as a courtesy to our viewers to help them make informed decisions.
Thursday, January 27, 2011
Miss this first step in a Charleston Short Sale and you risk being ripped off
Charleston SC - I have feared this for a long time. But today I found out that it is actually happening. Here's the story. Someone is short selling a house. The mortgage is with ABC Bank. They happen to have their checking or savings account at ABC Bank.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
They stop paying on their mortgage. They thought their checking account was safe because it is a different account. Then one day their debit card stops working. "Hmm, this is weird. I know I have money in this account. It should be working", they think to themselves.
They go check their bank account balance and find out it has been sucked dry. Their lender levied their bank accounts to pay the mortgage that month. Their lender levied their bank accounts to pay the mortgage that month. The sad thing is that most people in this situation are close to broke. Having their last bit of savings wiped out is devastating.
Now they don't even have enough money for gas to get to work. Here is how to avoid having this happen to you. If you get behind on any type of loan, then make sure your checking and savings accounts are with a separate entity.
If you are behind on a car payment, then move your account elsewhere. You want to make sure that your bank is not owned by the same institution. For example, Wells Fargo recently purchased Wachovia.
JP Morgan Chase purchased Washington Mutual. Bank of America purchased Countrywide. Now, some people think this doesn't matter because these lenders are so big. "Bank of America is huge! They will never notice that I have my checking account with them", they tell me.
Yes, this is true. They might not notice. Or, I've had people make the argument that they aren't allowed to levy a bank account. Yes, that might be true as well. But do you have time to read thru the 20 pages of fine print for when you first opened your checking account? I'm not a lawyer and I would never try to go thru all that. It's much simpler to simply move your account elsewhere.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jeffcook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. jeffcook@JeffCookRealEstate.com.
View My homes for sale at .
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Short Sale Realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co. This information is provided as a courtesy to our viewers to help them make informed decisions.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
They stop paying on their mortgage. They thought their checking account was safe because it is a different account. Then one day their debit card stops working. "Hmm, this is weird. I know I have money in this account. It should be working", they think to themselves.
They go check their bank account balance and find out it has been sucked dry. Their lender levied their bank accounts to pay the mortgage that month. Their lender levied their bank accounts to pay the mortgage that month. The sad thing is that most people in this situation are close to broke. Having their last bit of savings wiped out is devastating.
Now they don't even have enough money for gas to get to work. Here is how to avoid having this happen to you. If you get behind on any type of loan, then make sure your checking and savings accounts are with a separate entity.
If you are behind on a car payment, then move your account elsewhere. You want to make sure that your bank is not owned by the same institution. For example, Wells Fargo recently purchased Wachovia.
JP Morgan Chase purchased Washington Mutual. Bank of America purchased Countrywide. Now, some people think this doesn't matter because these lenders are so big. "Bank of America is huge! They will never notice that I have my checking account with them", they tell me.
Yes, this is true. They might not notice. Or, I've had people make the argument that they aren't allowed to levy a bank account. Yes, that might be true as well. But do you have time to read thru the 20 pages of fine print for when you first opened your checking account? I'm not a lawyer and I would never try to go thru all that. It's much simpler to simply move your account elsewhere.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jeffcook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. jeffcook@JeffCookRealEstate.com.
View My homes for sale at .
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Short Sale Realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co. This information is provided as a courtesy to our viewers to help them make informed decisions.
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