Yet the reality is Nashville is doing well comparatively. There has been a rumbling as of late that more and more transactions are for retail residential properties and not distressed properties that have been the dominate transaction for awhile now. The reason this is good news is it means people are now looking beyond the “deal” to get homes they want to live in right away. It also means that sellers have a chance against the glut of distressed sellers and foreclosed properties.

While there are still a lot of bank owned properties and homes that have agreements for short sales, the banks are so far behind on many of these transactions that buyers tire of waiting and turn to buying homes that are ready to be bought and moved into quickly. This is unfortunate for the properties that are sitting on the market and wasting away. In fact, more and more homes that have gone through the process of foreclosure have to go through mold remediation before selling because they have sat without proper air ventilation. This is a cautionary tale for those waiting on these types of homes to buy.

So while there are plenty of supposed “deals” on the market, it looks like sellers are once again viable options for buyers who are ready to purchase and move in quicker than later in the Nashville, Tennessee area.

The first step to selling your home is doing your research. You must understand the legalities of your real estate transaction, in order to complete the necessary steps to legally sell your home. Being within the legal confines of selling your home is the most important step. Next, you should research the real estate market in your neighborhood, so you understand who you are potentially selling your home too. This will make marketing your home more successful. Next, properly prepare your house for open houses and showings. Update any outdated parts of your home, and tidy up the paint inside and outside of your house. Keep things neutral, simple, and uncluttered. Carefully price your home by comparing it with home sales in your area from the last six months. This will help you avoid pricing your home too high, or too cheaply. Market your house according to the demographic you are selling to using newspapers, websites, and fliers. Selling your home without a realtor can be successful, but it’s up to you to take the necessary steps to guarantee success.

These Realtors know the new HAFA (Home Affordable Foreclosure Alternatives) law that went into effect on April 5^th, 2010 and can help you discover if you are a candidate for a HAFA short sale, can walk through a short sale quicker than most and also see if you will be able to get some moving assistance to help you get relocated.

The main reason to look into a short sale over letting your property go into foreclosure has to do with your credit. One of the best resources is this Short Sale VS Foreclosure white paper. It has a lot of good information about the differences each has on your overall credit rating and the time frames associated with each.

Most banks and mortgage companies do not actually “own” the loan, they simply service it. This means they have to go back to the owner or investor and make the deal through them. This takes time as sometimes the owners are in other countries. On top of this you have second loans associated with properties that have to be in the mix as well and many people who extended second are loosing a lot of money right now as well so they aren’t really thrilled about loosing any more. Add the shear amount of homes that are seeking to go through the process and it simply boils down to time.

I know, short sales can be a great thing for the buyer who is smart and can wait out the bank and the seller to get a great deal.  I get it.  However, I have run into more than several people of late who have been convinced by short sale companies that in just a matter of time, their homes would be bought by the company and the bank would settle and they would not have to file for bankruptcy.  Unfortunately, for every family a short sale company helps there are many that they don’t.

You just need to be aware that the short sale company may not ever buy your home.  The reason is simple; the offer may just not make since and the bank knows they can get more by selling on the open market.  Here’s an example of a short sale deal that went south that I recently had privy to; current mortgage $580,000; current appraisal $490,000; short sale company offer $250,000.  The ban could not afford to sell the house with that kind of loss.

This is not to say that some of these companies can’t help because they can.  Just be aware of the pitfalls and know that they are not what some are claiming.  Talk to your lender first and try to make that work before signing on with anyone who makes promises that seem to good to be true; because they normally are.