Solving Your Own Personal Mortgage Crisis Just Got Easier

Solving Your Own Personal Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

No one could have predicted the impact that the current financial crisis has had on the people of the United States.  The months of increasing unemployment and the hardship that families have suffered as a result.  Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.  Banks are not in the business of owning real estate, they are however in the business of loaning money for the purposes of homeownership.

If you are facing foreclosure then you may want to consider short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful sales transaction.

Firstly, do you qualify?

You must:

1. Have a verifiable hardship, like unemployment, medical bills, or relocation.  You do not need to be behind on your mortgage at this moment, but in the near future you foresee this being the case.
2. Must have a monthly income shortfall or be facing a monthly income shortfall in the near future.
3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months and the last 2 years tax returns.
3. Keep your house in as close to showcase condition as possible for showings, and make as many repairs as necessary and that you can afford. 
4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling.  You can save thousands by listing your home with Advance Realty Professionals Inc..  If you are considering buying a home, there is no better time than now to buy.  The tax savings and wealth building a lone is worth the plunge into todays market.

In keeping with saluting our heroes, during 2010 Advance Realty Professionals Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's.  If you enter into a contract by the New Year's eve Advance Realty Professionals Inc. will waive the admin fee at settlement.  This is a $395 savings.  If you are thinking about buying or selling a home give me a call and receive full service real estate assistance from an experienced agent.  Our office is open 7 days a week and we can be reached at 410-761-1550.