What's the first thing you, as a potential Short Sale property seller, need to do? The first thing most of my clients respond is "Call my Lender." Hmmm..not so fast. If you're not delinquent, they may just continue to do their job and try to get you to pay them more money! The Lenders' first response to being informed of your Short Sale options is to say they'll send you their Short Sale package. You can get those easily online.
I think your time would be much better spent looking for an experienced Short Sale Agent in your area, who has worked with a slew of Lenders and isn't intimidated by the process. They should be able to advise your on your particular Lender(s), procedures, the time line with regards to your delinquent status, FMV for a Short Sale in your development and just a general over view of what will happen if you go the Short Sale route.
Keep in mind that you must be prepared to supply and update docs as requested by your Agent. So, take your time, interview a good Short Sale agent or more, then hang on. Short Sales are quite a ride..patience always pays off!
Comments(2)