How to Torpedo Your Costa Mesa Short Sale – Part II
Previously, I wrote a post about how to Torpedo Your Short Sale. With nearly 30% of all homes for sale in Costa Mesa being short sales and many short sales failing to close escrow, it is important for Costa Mesa short sale sellers to understand how to increase the likelihood of their short sale being successful.
I want to talk about one specific and important way you can torpedo your Costa Mesa Short Sale.
KEEP YOUR UNCOOPERATIVE TENANT
This one is a biggie. If you really want to torpedo your Costa Mesa short sale, make certain that your tenant refuses to allow access to potential buyers or even worse to your agent so that s/he can take pictures of the house. This will make it very hard to complete your Costa Mesa short sale successfully.
It’s hard for your Costa Mesa Realtor to sell your Costa Mesa short sale if it can’t be seen. If you do get an offer, it’s likely to be from an investor who will not likely give you fair market value offer without being able to see the property.
This creates an additional problem as the banks are looking to obtain as much money as possible with each Costa Mesa short sale so that they can minimize their loss.
The Possible Result?
The bank refuses to accept your offer, the Costa Mesa short sale fails, and your property winds up in foreclosure.
Can a Costa Mesa Short Sale be Sold with an Uncooperative Tenant
Absolutely. I have sold short sales without being able to show the potential seller until after the offer was made and accepted.* But, why add one more hurdle to getting the Costa Mesa short sale done?
You’ve Decided You Don’t Want to Torpedo Your Costa Mesa Short Sale – Now What?
- Talk to your tenant, explain the situation and ask them to help.
- Offer to reduce your tenant’s rent in exchange for keeping the home show ready and allowing the home to >be shown on short notice.
- If the tenant still refuses to cooperate, give the tenant notice and move them out of the property.
If you have questions about a Costa Mesa short sale or about options to short sale, please contact me at 714.319.9751.
This is not intended to be legal or tax advice, nor am I advising you do any of the above items. The above is simply a discussion of items that may cause a short sale to fail. Please consultant an attorney and/or accountant when considering a short sale and/or facing foreclosure.
* Results not guaranteed and may not be typical.
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