In this ehow.com article title “How to Do a Mortgage Short Sale“, the steps to short sell your house are outlined very well. The article goes on to explain that you should contact a short sale Realtor, and request the short sale paperwork from the bank.
Unfortunately one key step is not highlighted in the appropriate manner. You need a buyer to short sale your house. The article mentions that you should not move on to the next step until you have at least one offer on your house. What it doesn’t say is that the bank will not even look at your short sale packet until you have an executed purchase contract on your house.
Once you have a buyer for your short sale house, then you can submit your short sale paperwork and get started on the negotiations phase of the short sale. The bank is just willing to accept any offer, they are looking to get as high of a price as possible. That’s why it’s beneficial to work with a short sale investor that can put in an executed purchase contract early in the process and get the negotiations started early.
When you are ready to start the short sale process, contact a short sale investor in your area. This investor will have the contacts and experience necessary to guide you through the process. A short sale investor will help short sale your house and work with you to get your house sold before foreclosure.
Bottom line, read this article, “How to Short Sale My Home“, contact a short sale Realtor or investor and avoid foreclosure. And remember, a short sale is better than a foreclosure.
How to handle a real estate short sale on your house.
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Because of the complexity involved in a short sale, it is advised to consult a real estate professional. Real estate agents and short sale specialists are typically your best bet. These professionals have established relationships with all the major lenders and can give you insight about the financial and legal obligations.
In a short sale, you will need to provide documentation to your lender. Typically the lender will want to see a hardship letter, financial statements, tax statements, purchase contract, listing agreements, and paystubs. A short sale realtor or professional short sale investor will be able to help you collect these documents and create a short sale packet.
The short sale packet needs to be submitted to the lender’s short sale department where it can take weeks to process. A short sale is anything but short. In fact, many short sales can take 3,6, or even 9 months to complete. Expect a long drawn out process.
As you can see, the short sale process should not be handled yourself. Find a professional short sale specialist in your area that has a proven track record. Short sales are specialty, not something that every realtor can handle. It takes months of time and effort plus specialized negotiation skills to get a short sale completed. Talk to the short sale experts today!
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If you are considering a short sale instead of foreclosure, here are the top reasons why a short sale is better for you and your family.
1. Credit Score -After a short sale, a credit score will be damaged by as little as 50 points. In most cases only mortgage lates will be reported. Credit will start to improve in as little as 12-18 months.
2. Credit History – A foreclosure will remain on a credit report for 7 years or more.
3. Employment – A foreclosure can effect employment in particular sensitive positions and security clearances. On top of this, when applying for a new job, a foreclosure is one of the most detrimental credit items an applicant can have.
4. Buying another home – A seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense. The good news is a short sale will allow the seller to obtain a loan for a new home within two years.
5. Avoid bankruptcy – A short sale may prevent bankruptcy, which could enable the homeowner to possibly re-purchase a home and secure a mortgage without the delay associated with a foreclosure
When making the final decision on whether a short sale is the better option, homeowners should consult with a professional short sale specialist.
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