If you owe more than your house is worth, if you are behind in your payments or not, there is help for you. I am sure you have heard the term althoug most people do not know what a 'Short Sale" is or how it works,
Simply put a short sale is where the bank reduces what you owe to allow you to sell your house. A shiort sale can save your credit and will allow you to recover financially must faster than letting your house be foreclosed on face the much worse credit rating of a foreclsoure.
The process of a short sale goes as well as the person you have handling it is experienced with short sales. The truth is all agents are not expereinced in short sales, hearing about them, knowing about them or taking a class on them will not give you expereince. You want someone who has listed and has successfully sold them. It takles alot of time, patience, expertise and some magic to make this work.
If you live in New Hampshire, i can assist you with selling your home through a short sale. If you live in one of the other 49 states you should check through Trulia for expereinced agents. You can also email me and i can refer you to one of the professionals here on Trulia in your state. There should be no charge to you for selling your house through a short sale. It is easier to go over what i offer and use that as a guideline for your specific sale.
The first thing is as the listing broker, i would complete a broker price opinion on the property, this tells me what your house is worth in todays market. That is important becuase yoru bank will not approve a short sale for much less than market value. The second thing i would do review the short sale paperwork with you, the listing broker will need a copy of your loan statement and if you have a second mortgage, equity loan, tax judgements or any liens you need to disclose them so they can be addressed.
As your listing agent i hire a professional negotiator to act on your behalf, it is at no cost to you, any legitimate negotiator gets paid a percentage of teh sales price only when the sale closes, so they have to work hard, not just take upfront money and run.
Once the intial paperwork and financials are complete, then it is time to put your home on the market and look for a buyer. I use an extensive advertising and marketing program to attract a buyer quickly and at the best obtainable price. Once a buyer is found, everything is done behind the scenes from you, but you should be updated constantly. An easy short sale will be 2-3 months but the average to worse is 3 to 6 months.
You should stay in your home during the short sale, keep it maintained and free of damage.
if you are relocated and must move, then make sure you have arrangements to keep it maintained in yoru abscence.
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1. There is no upfront costs for you to sell your home through a short sale
2. The negotiator will assist you in writing a hardhip letter on why you need to sell your home or how you got behind.
3. you will need to get a copy of your loan statement
4. you will need a copy of your last 2 paystubs and 2 mo bank statements
5. you will need your last 2 years tax returns
Your first step should be to call me if you live in NH or email a local expereinced listing broker or you may email me if you need a referral of a broker in your area.
Your second step is calling your bank, asking for the home retention department and asking if they can give you a list of what you will need for a short sale including contact name, number, fax number and email address as well if yoru bank has any specific requirements of what they will need or any paperwork they use.
Your third step is a meeting with the listing broker so they can tour your home, complete a broker price oppinion and get your paperwork started.
If you are behind or in foreclosure, you may be able to be saved by a short sale but tiem is your enemy so do not delay in contacting your bank and a listing agent.
I LOOK FORWARD TO HEARING FROM ANYONE WHO NEEDS ASSISTANCE. PLEASE EMAIL ME DIRECT IF YOU LIVE IN NH AND IF YOU LIVE OUTSIDE OF NH PLEASE EMAIL ME IF YOU NEED A REFFERRAL OR POST YOUR QUESTIONS RIGHT HER ON MY BLOG.
Avoid scams, you do not pay anyone up front. Do not sign yoru deed over to anyone looking to buy your house and rent it back to you, remember if it sounds too good to be true, then it probabily is.
Please feel free to post any questions here if you have them or any concerns. Agents please feel free to add your tips as well.
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