7 Most Common Short Sale Pitfalls

7 Most Common Short Sale Pitfalls

“Avoid problems, and you'll never be the one who overcame them.

Richard Bach



As a homeowner considering a short sale it is important you understand the most common mistakes agents and homeowners make in this process.  A Certified Distressed Property Expert or CDPE agent has completed extensive training in the short sale process and in assisting homeowners who owe more on their properties than what they are worth and need solutions. 



1. Property is Priced Incorrectly

PITFALL: This is the most common mistake made with all properties and the most common reason a listing expires and a property doesn’t sell. 



SOLUTION: A CDPE will go through a detailed listing price strategy with you that will allow you to see exactly where your property should be priced based on it current condition, sales in your area and most importantly how much time you have left to sell.



2. The Short Sale Proposal is Incomplete

PITFALL: This is one of the most common reasons why a short sale does not get approved.  Most agents do not understand the short sale process and what your lender will be looking for. 


SOLUTION: A CDPE understands this process in detail and will work with you to present a complete and cohesive proposal to your lender. 


3. Inadequate Follow Up and Communication

PITFALL: If your agent does not follow up with everyone involved as your short sale goes through each threshold or step in this process you may not know that your file has been delayed and you again may run out of time. 


SOLUTION: The right agent knows exactly how to follow up to ensure that your lenders issues are addressed in a timely manner and will make certain you do not have unnecessary delays.


If you would like to read the complete report, The 7 Most Dangerous Short Sale Pitfalls please click here.


 CA Department of Real Estate #01313330