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Many homeowners believe that short sale is a solution, but what they don’t realize is that it isn’t so easy….they must qualify.
There are a few things that must be done prior to being listed as a short sale:
- Contact your mortgage company and let them know you are having financial difficulty and need a solution. The lender will usually request information regarding your assets, earnings and if you’ve tried to sell.
Once the lender or bank understands you are serious in selling your home as a short sale, you need to complete a short sale “package” based off information they request from you so that you may list your home as a short sale.
For a successful sale, many of the events need to be met:
- Understand the market value of your home
- List the house for sale with “third party approval” required. The “third party” which approves the sale is your mortgage company.
- When interviewing real estate agents, choose an agent with short sale experience
- Disclose to your real estate agent all mortgages and liens on the home. HELOC loans, 2nd mortgages and consumer purchases that are lien against the property may hurt the short sale or make it difficult
- Make the house accessible to show potential buyers
- Cooperate with the bank with timely letters and forms as they request.
- Disclose all assets to the mortgage company. The mortgage company will not approve a short sale on your residential real estate if you have assets that can be liquidated to pay the deficiency on the property.