I want to short sale my home, where do I start?

Chula Vista Short Sale: I need help, "How do I start a short sale?" Many people call my office with this question but short sales are not as scary as most people think and with the right agent short sales can be as smooth as a regular sale.

Many people have told harrowing stories about short sales all across the USA but in actual fact we are beginning to see progress with some banks. Wachovia has a great program up and running in California for Wachovia and World Savings borrowers. Bank of America will be rolling out a similar program later this year.

If your loan modification has come to a stand still or you have been told you have a slim chance of qualifying then a NO COST short sale may be the answer. Let me try to explain in basic terms how the process works.

1. Your first step will be to give me a call in Chula Vista 619 743 8884 or a realtor that you have been referred to or you know that has done a Stella job in the past.

2. The Realtor will then set an appointment at your home and ask you to have the following copied documents available at your appointment.

NOTE: The realtor may request that you email, fax or mail them prior to your appointment.

a) Your mortgage statements

b) Your most recent bank statements

c) A hardship letter stating what financial circumstances have changed since you took out the original loan. This could be job loss, reduced income, illness, divorce, separation, re-location etc. There will be other documents required on a bank to bank basis

d) At the appointment the realtor will ask you as the home owner to sign a listing agreement take a look around the property and may also take pictures.

e) The house should be on the market in 24 hours

f) All you have to do now is make the home ready for showing and selling. To sell the home be as flexible as possible on time to show your home.

g) As soon as your realtor receives a good offer that meets the current market value he will call you to go over the contract and ask you to sign an acceptance of the offer. As you are still the legal owner the bank has to see a legal contract signed by you and the buyer.

h) Your realtor will then send the offer to your lender. He would have already opened the lines of communication with your bank and a full short sale package would have been submitted.

i) Now you have to wait. Depending on your lender a short sale 60 days to 9 months in some cases longer.

j) If the bank accepts your buyers offer then the bank will issue a "Short sale approval letter"

All being well your buyer is still around and you can go into escrow and close the deal.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Our Chula Vista loan modification kit has the instructions you will need to get a loan modification approved.

Thanks for reading this, Mike Watson.

Mike is a real estate agent at Keller Williams.

Phone: (619) 743-8884. or email mikekwcv@gmail.com.