Kavaa216, Home Buyer in Winthrop Harbor, IL

is it to your advantage to have a quick sale on your house?

Asked by Kavaa216, Winthrop Harbor, IL Tue Dec 6, 2011

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I recommend to my sellers to pay for a fee for service appraisal and price it right there to improve initial traffic and get the showings. I reimburse the seller for the appraisal at closing and use it as a document yo justify asking price for the seller. Plus appraisal is the #1 thing that throws out a deal after agreeing to price. The house doesn't appraise and seller must lower the price to match appraisal. Many sellers biggest fear is to sell there home to fast like they must have left money om the table. In a tough seller market you must have underpriced house to sell in first month, WRONG! The active buyer pool knows when they see a value and jumps when the newest house in town is priced right and can even create a multiple offer situation.
Work with a Realtor you like and trust, pay for a 3rd party bank appraisal, price it there and let the agent market the helll out of the home and you will sell your house faster than most for probably same amount or more than you would have 6 months or year from now with less aggravation.

if you like my answer ,best answer and thumbs up me, thanks!
1 vote Thank Flag Link Thu Dec 29, 2011
Yes, it is def in your advantage to sell quick. Houses that have accrued extended market time tend to have the buyer's asking "why hasn't it sold yet" and then they think there is something wrong with it. Price it right from the beginning, then you won't have any problem selling it. There is a shortage of inventory in my opinion.
0 votes Thank Flag Link Wed Nov 19, 2014
WHY IS A SHORT SALE BETTER THAN A FORECLOSURE?

Short sales are just about everywhere...it seems like you can't get away from them. Many sellers, loan officers and Realtors say they know a lot about short sales, but don't know how the short sale process works or even why a short sale is a better alternative to a foreclosure.

A short sale will enable the seller to purchase a home about 2 years after a short sale completion while a foreclosure will make you wait 5 years. In addition, short sales are better for the lender and it will keep the house occupied, with water and electricity still on and also keep the lawn mowed. Plus the bank will lose less money through a short sale.

PROS
No Foreclosure - foreclosures can be a hard and stressful process for a family.

Being Proactive - facing a foreclosure head on will help give you some control over the process.

Start Newer, Faster - minimizing damage to your credit can help you and your family get back on your feet faster.

May not owe anything after the short sale - you can try asking the bank to cancel your debt altogether. It does happen, but not all the time. Primary residences are usually treated more favorably by the lenders.

CONS
There is still damage to your credit - when a short sale is done, it is still documented on your credit but won't have the same impact as a foreclosure for most creditors.

Tax Consequences - there may be tax consequences if the bank forgives the debit and will issue a 1099 to the IRS for the amount of debt forgiven.

Bank could demand payment for their loss - the bank doesn't have to forgive the debt. They are able to ask you to pay them back for the difference on the sale and what is owed, but you will need to agree to this.

There are no guarantees in a short sale - whether the bank will approve the sale or forgive your debt, but short sales offer a better alternative to minimize the downside of facing a foreclosure.

Disclaimer -There can be legal and tax consequences. You may want to consult with an attorney or tax specialist before attempting a short sale. A real estate agent cannot give you legal or tax advice.
0 votes Thank Flag Link Tue Dec 6, 2011
These days...if you get a somewhat fair offer...take it and be glad you did!

Good luck,
Mike
0 votes Thank Flag Link Tue Dec 6, 2011
It is usually in your best interest to sell your home quickly. If your home is on the Market for too long you will most likely have to reduce the price to stir further interest. And in the current Market too long on the Market will most of the time mean no sale at all in many cases. Price your home right and hope for that quick sale!
0 votes Thank Flag Link Tue Dec 6, 2011
Are you referring to a short sale; if so, short sale occurs when an owner has proven hardship to the lender and can sell for less than owed on his/her mortgage; the owner can accept whatever offer he/she wishes, but the lender decides to accept, reject or counteroffer; short sales are by no means fast sales, much will depend on the number of liens involved, who is negotiating the sale on behalf of the owner, etc., therefore, oftentimes much patience is needed.
0 votes Thank Flag Link Tue Dec 6, 2011
The answer is in your motivation. The longer you have it on the market, the longer you have to keep it in presentable condition. You also have people coming thru in bad weather making a mess. Real estate takes some time to expose it to the maximim market. The longer the property stays on the market, the higher the expenses for the agent. There are many times the first offer is the best offer because it if those buyers have seen what is available on the market. Sale time is a function of price, the lower the price the faster the sale.
0 votes Thank Flag Link Tue Dec 6, 2011
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