You have made the decision to sell your home as a short sale, but now what? Many people do not fully understand short sales or the short sale process and this creates stress, worry and miscommunication about how to move through the short sale process. Review these easy to follow tips to make sure that your short sale is effective and meets your home needs.
Mortgage Balance - The very first step of the short sale process for you as the seller is to accurately know what the balance of your mortgage is. If you have multiple loans on the property, each mortgage or loan holder has to approve the short sale. Understand that the mortgage holder or lender will set the price for the home, because they are the one that will be taking a loss on the sale of the property.
Hire Professionals - For the short sale process you will need a real estate attorney, tax consultant and a real estate agent that specializes in short sales. As an agent that specializes in short sales, I fully understand the short sale process and will ensure your best interests are placed first. Selecting qualified professionals to represent you in the beginning reduces the risks of errors and ensures your short sale is accurately monitored through each step of the process.
Prepare your Documents - A short sale of a home is not a guarantee and you as the seller must provide documents to detail your financial reason for the short sale. You are required to gather the requested documents and then the professionals you select will take the information to draw up your proposal. The proposal along with requested documents is submitted to the mortgage holder or lender. After the documents and proposal are reviewed by the lender, a decision to accept or decline the proposal will be sent to you. The more efficient you are at providing the documents lessen the amount of time waiting for an acceptance or denial of the proposal.
Requests and Demands - Considering a short sale is not like a traditional sale; expect and be prepared for multiple communications back and forth with the lender to finalize the deal. With each request from the lender, review the information with your real estate attorney, tax consultant and me, your real estate agent, to ensure that each request is in your best interest. Try not to delay in your responses to the lender as this will only lengthen the amount of time you will be waiting for the sale to be approved.
The decision to sell a home as a short sale is a big decision and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.
