Tips for Homeowners For a Smooth Shortsale

When you are looking for an agent to handle your short sale listing, here are some tips in finding the right agent and getting the sale to closing.

 

1. Make sure the agent you have chosen has experience in handling a short sale or is having an attorney conduct the negotiations on your behalf. Ask questions. Ask how many short sales they have completed and actually went to closing. It is important to get the right person that is going to work hard on your behalf.

 

2. Make sure you give your agent all of the documentation that is required. All banks are different and ask for certain documents. All documents asked for are important for the negotiations. You cannot leave anything out.

 

3. If there is a deficiency that the bank requires you to pay by providing a Promissory Note, make sure you agree to pay for it, otherwise you may want to seek an alternative option. I have found that some of the promissory notes that are prepared are unreasonable and will demand some negotiations. It is obvious if you had the money to pay a promissory note, then you would have paid your mortgage payments or attempted a loan modification.

 

4. Be sure to be ready to move out of your home before closing date. You may have 3 months, but could have as little as 2 months. Once the short sale is approved, you usually have the normal 30-45 days before closing.

 

5. Make sure no added fees to the bank are added once the sale has been approved. This throws everything off and could delay or cause a denial in your short sale.

6. Most important tip, once your sale is completed, thank your agent for all the extra hard work they put into making your short sale a smooth success.