The Right Attitude Will Get Your Short Sale Approved

By
Real Estate Agent with The Palm Beach Group

Being on the brink of foreclosure is not fun. What would make this situation worse is if you are already underwater on your mortgage. Obviously, there is no other option available to you but a short sale. It is the best foreclosure alternative and it will even may allow you to move on without having to worry about a blemished credit report.

You need to understand a short sale is not as simple as some people make them out to be. It actually involves a lengthy and complicated process. It would be to your advantage to work with a short sale Realtor.  The best way you can ensure your short sale is approved, is to have the right attitude.

Be Realistic

Deciding to apply for a short sale to stop foreclosure is indeed smart, but you have to go into it with open eyes. For starters, it will involve hard work as  try to show your lender you are indeed in financial trouble and can not pay your mortgage any longer. You will need to provide financial statements and other documents which back your claims such as divorce papers, proof of lack of employment and medical bills if consumed by bills. You will also need to find a buyer who is willing to wait until the end, when the lender finally accepts the offer and approves the proposal.

Be Honest

In short sale, there is no room for lies and deceit. You need to establish a trusting relationship with your short sale Realtor, since he will be the one who will work hard to make sure your chances to stop foreclosure are greatly improved. You also need to be honest with your lender and make sure honesty comes off in the documents you will be submitting. Lastly, you have to be honest with the buyer about the property and the entire transaction. This is truly one of those cases when being honest pays off.

Be Optimistic

This is perhaps the most important attitude. The road to short sale approval is riddled with challenges and you might find yourself falling several times, but never lose hope. Iif worse comes to worst, you will learn a lot from the experience.

Comments (1)

MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Yes, please, you need to be honest with the agent helping you.

Jun 22, 2011 05:09 PM