Maximize Your Chances of Success with a Short Sale January 12, 2014 By Clay Adams 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 nd 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 ress 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 er’s agent and the buyer’s agent should be experienced i n short sale offers. Specific training in this area is 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 on to be fast, if they want the transaction to occur at a ll. Try to ensure your offer is the first one on th e property. Be Patient 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 wait out that great deal, it may be best to look for oth er properties on the market. On the other hand, if you do have the time to wait for the transaction to pro cess, you may find that short sale offers are the r oute to take for the best price on the best properties.