Top 7 Mistakes Sellers Make In Naperville Short Sales
Many homeowners make mistakes during the short sale process when trying to sell their Naperville short sale home. It is important to know how to avoid them in order to have a successful Naperville short sale:
1. Pricing the short sale too high or too low.
This is a standard mistake most homeowners make when handling their home sale, be it a traditional one or a short sale. Some price too high, others too low – the key is to find that perfect price point.
Make sure your short sale property is priced just right by hiring an experienced Naperville short sale agent who can help you determine the best price for your home based on the current market conditions and comparable sales in your area.
The price of your short sale home should be attractive to all parties involved in the short sale: the lender, the buyer, the buyer’s agent, the buyer’s lender, and of course, you — the seller.
It may seem impossible to come up with a price that will be acceptable to all these parties, but it is possible. Coming up with the right price for a short sale listing is both an art and a science that has been mastered by experienced Naperville short sale agents.
2. Working with the wrong agent.
If you are hiring an agent who claims to be an expert in short sales, make sure to verify their experience by asking how many short sales he or she has successfully closed, and not just about those that he or she has listed.
If the agent has listings that have been on the market for 90 days or more without getting a single offer, this should be a red flag to you.
You want to work with a short sale agent who has at least two years of experience working with Naperville short sales and negotiating with lenders.
3. Bad Marketing Strategy.
If an agent tells you that pricing alone will sell your Naperville short sale property then proceeds to price your home too low, run away from this agent! It is not true that pricing alone sells a short sale, let alone the lowest price.
Exposing your listing to the widest pool of potential buyers and using the best marketing methods will help you get offers on your short sale.
4. Having Too Many Showing Restrictions.
If you have too many restrictions on showings and setting appointments (like no showings on Sundays), buyer’s agents will pass over your short sale listing for other listings without too many restrictions.
Your agent should make sure that your short sale home is always ready and available for showing any time a buyer’s agent calls in to request one.
5. No Photographs or Bad Photographs.
Not putting photos of your short sale listing on the MLS is as bad as having bad photos. Both can turn off potential buyers.
A short sale without online photos gives potential buyers the impression that something is probably wrong with the property or the seller doesn’t care if the home sells or not.
On the other hand, bad photographs give buyers an impression that the home is not well-maintained or is falling apart. Online listings with the most photos are ranked the highest on most websites while those without photos drop to the bottom and are frequently overlooked by potential buyers.
6. Home is Not Well-Maintained or Not Staged Properly.
Just like any traditional listing, short sale sellers must make sure that their home is in good condition and is staged properly before putting it on the market.
A home that is full of clutter and has not been well-maintained will give buyers the impression that if the home was messy during showing, the owner might trash it before vacating it.
A home with uncut grass and in need of too many repairs will not be appealing to buyers. You can lower the price to attract bargain hunters and compensate for repairs, but this may not sit well with the lender. Banks usually will not accept a price reduction just because you want to avoid repairing damages in your home.
7. Waiting too Long to Act and Put the Home on the Market.
Sellers cannot afford to wait until they are facing foreclosure before they seek the help of an experienced Naperville short sale agent. Short sales are more complicated than traditional sales and take more time. The more time your short sale agent has to negotiate with the lender, the better chances of a successful short sale.
If you want to do a short sale, you need to give your short sale agent enough time to submit the short sale application to the bank. Delays are a part of the short sale process – documents get lost and packages need to be re-faxed. Don’t wait until the last minute to submit your short sale package. Make sure the package you submit is complete and complies with all the requirements of the lender. Banks will not process your short sale if your documents are incomplete, causing longer delays and possible foreclosure.
These are just some of the most common mistakes sellers and their agents make while doing Naperville short sales. You can avoid most of these mistakes by making sure you work with only the best short sale agent in Naperville.
Call me, Teresa Ryan, a certified short sale expert, on 630-276-7575 today. As a Broker/Owner of Ryan Hill Realty, I have the experience and tools to help you sell your Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1288 Rickert Dr Suite 300, Naperville, IL 60540
630-276-7575
TRyan@RyanHillRealty.com
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