Selling Your Home as a Short Sale- Where do You Start?
I am asked this question as a North Kingstown short sale agent via email or phone calls a couple of times a week so I thought I
would share some basic steps to take to move forward and start the short sale process. As potential sellers it is important to have your financial information in order so you are ready to go when you speak with a short sale agent. GOOGLE short sale agents in your area and talk to them about your financial circumstances with your home.
Be prepared to address how much you owe on your mortgage (is it one or two loans?), who the banks are that hold your mortgage, what is your hardship(s), do you have a hardship and be in the frame of mind that you (both of you if married or going through divorce) are committed to the short sale process.
Meet with the short sale agent to get a current market analysis on your home. If your home is worth less than what you owe on your mortgage, you are considered to be underwater on your home to be a short sale. Next, interview the short sale agent to ensure they have the experience level and the legal team to know and successfully complete the process of a short sale. You want a short sale agent that is going to:
1) price the home to sell (below market value)
2) market the home to the fullest extent with all the positive attributes your home has going for it (internet, video, slide shows, virtual tours, etc.)
3) motivate you to have your short sale paperwork ready to go and submitted to the bank before the house is even on the market
4) respond to buyers immediately to show your property in order to get a purchase and sales agreement together to submit to the bank
A responsible North Kingstown short sale agent will want to look at all your financial information, home value and your hardship situation before giving you the right assessment. Your lender will benefit more from your short sale than a foreclosure. So the next step is to put the home on the market with your short sale agent. Getting that offer from a buyer will start the short sale process moving. The short sale process can take as little as 1 month (it does happen) to 3+months (on average) to receive a short sale approval letter.
As a North Kingstown short sale agent, I have an extensive real estate network of experienced short sale agents throughout the country that can assist you in the process in any state. As well if you need help with the sale of a RI property, please contact me, Ginny Lacey Gorman at 401.529.7849.
The right first step to start this process is making contact with a knowledgeable short sale agent and their team that can work with you and for you. Selling Your Home as a Short Sale - Where do you Start?
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Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.
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