Step Three is finding a Realtor to list your home for a short sale. Because of the sensitive and personal nature of your financial information, you may want to consider a professional full-time Realtor rather than a friend who is in the real estate business.
The National Association of Realtors has made available much information as well as a specific designation for Realtors providing increased expertise. Interview several Realtors and be sure that you are satisfied with their degree of knowledge and expertise in this field. Having one other short sale listing, or one short sale closing, does not make them an expert. They must be very strong negotiators, highly organized, patient, and able and willing to communicate with you on a consistent basis.
You will need to provide written authorization to your lender for your Realtor to communicate and negotiate with your lender(s) on your behalf. At the first meeting with your selected Realtor, you may need to provide your actual short sale package so that at the time of receipt of a contract, all documentation is available to submit to the lender. As the process goes on, you will need to continually update that information to your Realtor so that they can submit it to the bank.
Your Realtor should provide you with all available market information; including current short sales and foreclosures. If you've had your home on the market and have been unsuccessful and now have been 'forced' to consider a short sale, it is not the time to be unreasonable; continuing unrealistic expectations relative to a sales price will just extend the circumstance and go from a short sale to a potential foreclosure.
South Carolina requires the involvement of an attorney to accomplish any closing. Ask your Realtor for a list. In the Beaufort County, Bluffton, and Hilton Head area, there are several attorney's who specialize in short sales and will handle the paperwork for you for an additional fee.
Check the next piece of the puzzle in Step Four: Should I Buy a Short Sale?
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