4 Common Objections from Short Sale Prospects
When you are helping a homeowner with Information on a Short Sale you will likely will face objections. It’s understandable they are nervous about a process that is generally new to the public and certainly to them. They have probably never had to deal with the circumstance they find themselves in. Below are four questions or comments you’ll likely hear often and answers you can use to overcome their objections.
1. Homeowner Says:
“I don’t need a Short Sale. I’m trying to refinance my loan.”
You Respond:
“Do you have someone working on it yet?”
If their answer is “yes” ask the name of the lender. Sometimes they’ll say they are working on it but haven’t taken any action. You can proceed to explain that if they are more than a few months behind, most likely conventional lenders won’t refinance their loan. You can then follow up with a comment such as: “It might be easier for you at this point to eliminate this bad debt and get a new start.”
2. Homeowner Says:
“I owe more than the house is worth and don’t have any equity.”
You Respond:
“I deal with many loans just like yours. I can contact your lender and try to negotiate your debt.” Also explain that normally the lender can hold them responsible for the deficiency but you will try to get them to forgive that debt. Don’t make any false promises.
3. Homeowner Says:
“I don’t want to be responsible for the debt of any difference negotiated on the loan.”
You Respond:
“I don’t want you to be responsible for the difference either but at least I will negotiate in your behalf and try to get the lender to eliminate it. Again, don’t make any false promises.
4. Homeowner Says:
“I can’t get my spouse to agree to do a Short Sale.”
You Respond:
“I’d like to talk your spouse. Perhaps if I explain the details she’ll understand the process better and be more receptive to the idea of a Short Sale.”
Just remember the homeowners are in a very awkward position that they really don’t want to be. Sooner or later they will be forced to deal with it. A little patience, understanding and knowledge will help answer their objections and give you your best chance at another Short Sale opportunity.
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