Maximize Your Chances of Success with a Short Sale
As many Myrtle Beach real estate agents will tell y
ou, the short sale process can be a lengthy one.
However, it can also turn into one of the most prof
itable situations for those who do work through it.
Nevertheless, it is possible to wait weeks to learn
if the lender has accepted your short sale offer a
most buyers do not want to wait weeks to learn if t
hey got the property. There are steps you can take,
though, to maximize your chances of success with th
e short sale process.
Ensure Criteria Is Met
One of the problems some people have is with seller
‘s agents who do not ensure that the property
owner has met all of the qualifying criteria for us
ing a short sale. The property owner must show dist
and hardship in repaying the loan. If the property
owner is not behind on payments, for example, there
is no hardship evident.
Ensure the Real Estate Agent’s Experience
When buying a short sale, real estate agents should
be part of the transaction. More so, both the sell
agent and the buyer’s agent should be experienced i
n short sale offers. Specific training in this area
often recommended for agents. Ask how many short sa
les the agent has been a part of.
Make Your Offer
In many cases, lenders take the first offer on a pr
operty, not the best offer. They want the transacti
be fast, if they want the transaction to occur at a
ll. Try to ensure your offer is the first one on th
Even when you take these steps towards maximizing y
our chances of a short sale, you still need to be
patient. It can take several months for the transac
tion to process. If you do not have the ability to
out that great deal, it may be best to look for oth
er properties on the market. On the other hand, if
do have the time to wait for the transaction to pro
cess, you may find that short sale offers are the r
to take for the best price on the best properties.