Many people hear the term short sale but really do not understand the process. Struggling homeowners who lose sleep at night and worry for the future of their families have considered selling their home in a short sale situation but really do not know where to turn, let alone know who can they trust.
If you are considering a short sale rather than risk the chance of a foreclosure not only should you be aware of what it all means to you but consider how it will impact you in the long run.
It is always best to seek the advice of short sale specialist as well as a lawyer, accountant so you know the pros and cons of short sale and determine if it is right for you.
So what is a short sale? Its when a home owner decides to put their home or property on the market and wants the bank to accept less that what is owed on property and the bank agrees. In many cases the short sale seller is released from the debt. Short sale situations are unqiue for everyone and handled case by case.
When considering selling your home in a short sale there are a few things to consider such as hiring a real estate that not only specializes in the area but truly understands pricing, market value and handling each step carefully when working with banks, lenders and financial institutions. There are many details, time lines and communication that takes place in short sales much more care is needed when dealing with a 3rd party.
If you are serious about selling your home and possibly doing a short sale, there are a few things you should do to help expedite the process along.
- Speak to your lender, homeowners who are behind on their mortgage have a better chance of selling their property in a short sale if they speak to their lender and make them aware of the intentions you have when it comes to the home. A quick phone could stop further action from the lender so that your home does not become a foreclosure and leave you homeless and give you the sufficient time needed to get rid of this heavy burden.
- Explain to the lender the intentions that you have and if you intend to sell your home in a short sale, you might want to go ahead and ask the bank, lender or financial institution what documentation is needed and gather any information that might be useful for the real estate agent to help you succeed in selling your home.
- In most cases, the lender wants to speak to the home owners first and you will need to give whoever is handling the sale of your home permission to speak to the bank and allow the bank to share your personal information with your agent.
- Interview agents who have experience not just listing short sales but real estate agents who specialize in handling short sales successfully from listing to closing. As a short sale expert, I have a 100% success rate due to my additional training and experience.
These are just a few steps to get started if you are considering selling your property as as short sale. For any questions you may have, please feel free to contact me.
Thanks for Reading.
Kristin Petersen, Ormond Beach Short Sale Specialist and Foreclosure Expert in Ormond Beach FL.