Short Sales are a misnomer…
For one thing, they are rarely ever short! Having processed short sales for over 3 years, I have found that there are a few steps which can make a lengthy process a little less cumbersome.
Here they are:
1. Have your documents in order
Expect to have your financial records examined by your lender and investor. This will be used to determine if you qualify for a short sale. In addition to bank statements and pay-stubs, you may be required to provide details of other financial transactions and investments.
2. List your home to sell…not to give away.
Remember, the bank is already taking a loss. If you list your home in a way that suggests that you are simply trying to unload it BELOW market value, it’s likely that your offers will not find good reception and the lender might wait for more serious prospects to come forward…thereby lengthening your ordeal.
3. Keep a Positive Attitude…Be Realistic
This is not going to be easy. Making yourself and family members miserable throughout the process will not change that. This is a difficult situation with a house…hopefully you can find other things to be thankful for such as good health, a job and your family & friends.
4. Obtain the Assistance of Competent Professionals
This is not the time to have someone practise their ‘first short sale’ with you! Short Sales are complex negotations and take a lot of coordination and persistence. Align yourself with a real estate agent who has completed this type of transaction successfully over the course of time. You may contact us @ firstname.lastname@example.org for a confidential inquiry about how we handle the short sale process.
5. Keep your home in good condition…
A Short Sale is still a sale. In this market, you will have a lot of competition. Nothing can be negotiated until you receive an offer. So, keep your house in a condition which will make it attractive to potential buyers. Respond promptly to inquires about showing your home.
6. Tell the Truth!
It is critically important that you be honest. Extensive investigation will be done anyway… If it is discovered that you are hiding assets or not being entirely truthful, your approval may not be forthcoming.
Paying attention to these six simple tips will go a long way towards making a difficult process a little easier.