Here are a few key points to keep in mind when you are considering a short sale:
1) Work with a real estate professional. You as the seller do not actually pay the real estate agent anything so why not have the free help?! The listing agent's and the buyer agent's commission is included in the sales price and paid on the closing statement. No upfront costs and since a seller is allowed to receive $0 at the closing there is no money out of your pocket!
2) Understand what the lender is wanting (this is where an experienced agent can help). Each lender has their own specific requirements with a short sale application. Many of the items are the same but know what you need and how to package it.
3) When listing your house it will be just like a regular listing. However, we now have to disclosure the fact that this is a short sale and the lender has to make the final approval. The seller still signs the listing agreement and closing documents.
4) It is a lot of paperwork gathering! A short sale requires a willing seller that is okay with providing a fair amount of personal documentation from tax returns to pay stubs.
5) Lenders are not well equipped to handle the massive amounts of short sales that they are getting these days. Therefore, getting the bank to work with you, communicate with and approve you can be a very tedious process. It is not uncommon for our agents to be on hold for over an hour just to speak to someone. Again, this is where an agent can help you by taking the time requirements off your plate.
There you have it! The basics of a short sale. If you live in the NC Triad area and feel that a short sale might be an option for you please contact us for a free, confidential consultation. We are here to help.
Likewise if you are an investor or someone looking to purchase a distressed property you can browse these listings for sale that are short sales.
Does your lender measure up, or is something fishey?
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