How to do a Mortgage Short Sale on your House?

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 Short Sale My Home

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!

Short Sale vs Foreclosure, Why a Short Sale is Better

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.

If you are thinking, how can I sell my house fast?  Contact Done Deal Solutions today!  On the web at www.DoneDealSolutions.com or by phone at 602-956-2274

Underwater on your mortgage, do a short sale

According to a new report, almost 50% of the nation’s homeowners will owe more on their mortgage than their house is 48% of mortgage borrowers will be ‘underwater’ According to CNNMoney.com, almost half of the nation’s homeowners owe more than their homes are worth. 25 million borrowers, which equates to 48% of all borrowers that have mortgage loans, will continue to be underwater on their properties.

These numbers are steadily increasing based on different reports over the last year. 15 million in March 2008, and 20 million at the end of the first quarter 2009.

Borrowers that are severely underwater are most concerned that their property will never recover and most likely walk away, even if they’re able to make their payment. It’s also very likely that the number of people voluntarily defaulting will grow very quickly.

The good news about all of this, is that Done Deal Solutions, Arizona Short Sale Experts, has the ways and means to help you out of this situation. Contact our office today to start your free evaluation. worth.  That’s frightening.

Sell My House and Avoid Foreclosure

How to sell your house and avoid foreclosure

In this real estate market, buyers are looking to buy houses at good prices.  This is a great time to sell if you have enough equity in your house.  You can set a low asking price and get a buyer within a few weeks.  If you are facing foreclosure due to a drop in income, this may be a great way to sell your house and avoid foreclosure.

If you do not have enough equity in your house, you may consider a short sale.  A short sale is when you sell your house for less than you owe to avoid foreclosure.  In this situation, the bank will need to approve the sale amount.  A experienced short sale Realtor or short sale investor can guide you through this process.

Short sales are becoming a very common way for homeowners to avoid foreclosure and help salvage their credit.  A short sale is much better than a foreclosure on your credit and may allow you to buy another home in a few years.  In addition to saving your credit, you are selling your house instead of letting the bank take it away from you.  It’s a win win situation.

If you are considering a short sale, due your research.  There are a number of realtors that claim to be short sale specialists.  Make sure to check their references and ask how many short sale transactions they have completed.  An experienced real estate investor is able to make an offer on your house and get the short sale process started much sooner than listing your house with a realtor.

If you’re not sure which route is best for you, contact local real estate agents or we buy houses people and get the facts.