Short Sales Aren’t So Tough – 5 Ways To Be Confident That You Will Get Your Short Sale Approved
It seems that everyone knows someone who is facing losing their home to foreclosure. I guess you can say that if you know somebody in foreclosure, the chances are their neighbor has told them that a short sale as the way to avoid losing the home to foreclosure.
While short sales can help homeowners avoid losing their home to foreclosure, it is a very complex procedure and one that should not be taken lightly by someone who is not educated about short sales.
If you are a homeowner who is facing foreclosure, a short sale might be for you. However you will need to be open, honest diligent, cooperative and understand that the 5 tips listed below are crucial to your short sale being successful:
1. While you may be able in some instance to persuade a mortgage company to work with you, the intelligent homeowner knows that they may not be well versed in short sales and should let the those who are trained in the market handle the short sale. Whether an experienced real estate agent, title processor or attorney, make sure the person managing your short sale really is knowledgeable in regards to the short sale process.
2. Make sure you stay actively involved and you cooperate fully with the timely submission of forms and other paperwork as may be needed by the lender. This includes that you, not your agent or advisor, but YOU write a clear and compelling Hardship Letter. Having someone else write your hardship letter may be the reason that your short sale request will be turned down.
3. Make sure you know what is expected of you. The bank is going to want a comprehensive short sale package and that more than likely include a full financial forensic picture complete with bank accounts, tax returns and more. Your omission to give the bank this information may get your short sale request rejected.
4. The bank gave you a mortgage and they have the right to collect. You have the obligation to disclose your assets and to liquidate them to lessen your obligation to the bank. You cant expect to take less while you are seen living large. Thats just not right. You have be prepared to demonstrate a true hardship.
5. Make sure you dont dilly dally until its too late before you request a short sale. Most homeowners dont do anything or simply wait to long to act. No real estate agent or attorney is a magician. They need time to make the short sale work. If you want to save yourself from enduring a foreclosure on your home then you must act in timely fashion.
Short sales can take as long as 6 months to get accepted. These are just 5 simple strategies you can implement to give your short sale request the best chance for approval. This is not an easy process for lender or homeowner and your ongoing cooperation can mean the difference between a successful short sale or your home being sold at the Courthouse steps.
Whatever you do, dont sit by and do nothing. If you want to try to initiate a short sale on your own, some banks are now letting homeowners do just that. If you want to find out more information about how short sales should be correctly completed please visit our short sale information resource center for videos and tips as to how to correctly complete a short sale.
By thoroughly comprehending the short sale process you will be better educated to talk about things with your lender and you’ll be more aware to spot inadequacies and mistakes in the process with any Realtor that you may choose to hire to represent you.
If you’re a real estate agent reading this, you too may want to visit our short sale resource center. It will help you learn how to properly execute short sales and generate higher commissions.
Tags: avoid foreclosure, Foreclosure, Reality, Short Sale, short sale strategy, short sale tip, Short Sales
