I'm Short Selling My House - Should I Move Out Now?
One of the most common questions I get from my short sale clients when I list their home is, "Should I move out now?" As an experienced Metro Atlanta Short Sale Realtor, my answer to that question is a resounding "NO". There are a number of reasons why you should not move out as soon as you list your property and I will share a few of them with you below.
The first reason that you should not move out as soon as you list your property is that the date you turn over possession to the buyer is negotiable. So, you are entitled to remain the the property until the agreed upon date.
The second reason for remaining in your home after you list it ties in with the first reason. Whether you live in the property or not, you are responsible for the home until it is sold. You are responsible for mowing the lawn and other maintenance and upkeep. You are also responsible for securing the property. Vacant homes are targets for vandals and squatters. By remaining in the home, you reduce the chances that it will be vandalized.
The next reason to remain in your home after you list it is that until the short sale is approved by your lender, it is not a done deal. The short sale approval process can take three to six months, sometimes even longer. You certainly don't want to move prematurely only to have the buyer walk away or your bank deny your short sale request.
A fourth reason to remain in the home until the short sale is approved is that you don't want to pay utilities at two locations. By remaining in your home, you also make is easier for your bank to conduct the appraisal required as a part of the short sale and for the buyer to have the property inspected and appraised.
Finally, staying in your home until the short sale has been approved gives you the opportunity to get your ducks in a row. You can use the time to determine where you want to live and to begin making the necessary arrangements to move.
If you are considering a short sale and would like to schedule a no obligation consultation, please give me a call at 678-446-5925.
The first reason that you should not move out as soon as you list your property is that the date you turn over possession to the buyer is negotiable. So, you are entitled to remain the the property until the agreed upon date.
The second reason for remaining in your home after you list it ties in with the first reason. Whether you live in the property or not, you are responsible for the home until it is sold. You are responsible for mowing the lawn and other maintenance and upkeep. You are also responsible for securing the property. Vacant homes are targets for vandals and squatters. By remaining in the home, you reduce the chances that it will be vandalized.The next reason to remain in your home after you list it is that until the short sale is approved by your lender, it is not a done deal. The short sale approval process can take three to six months, sometimes even longer. You certainly don't want to move prematurely only to have the buyer walk away or your bank deny your short sale request.
A fourth reason to remain in the home until the short sale is approved is that you don't want to pay utilities at two locations. By remaining in your home, you also make is easier for your bank to conduct the appraisal required as a part of the short sale and for the buyer to have the property inspected and appraised.
Finally, staying in your home until the short sale has been approved gives you the opportunity to get your ducks in a row. You can use the time to determine where you want to live and to begin making the necessary arrangements to move.
If you are considering a short sale and would like to schedule a no obligation consultation, please give me a call at 678-446-5925.
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