Working with a lender to get a Short Sale approved is a ‘process’ in the truest sense of the word. The success of a Short Sale is highly dependent on everyone involved in the process understanding that the transaction will move at its own pace – which is not always slow – and that the process is frequently not free of obstacles.
What a Short Sale does, is allow you to sell your property at a price that is less than the amount owed. For those who want an answer to avoid foreclosure, a Short Sale is frequently the best option.
Here are some tips to help you get through the Short Sale process and feel the better for it.
Call Your Lender
It really is the best place to start. You may find that your conversation with your lender was not very productive – if so it’s likely you spoke to the Collection Department. Try the Loss Mitigation Department, it will be staffed by more “user friendly” people. We have some tips for how to get the most out of your call to your lender. Click here.
Collect Your Documents
Your lender will want to review some documents to verify that your mortgage is truly a financial problem. Getting your Short Sale moving as quickly as possible will mean putting your documents together as early in the process as possible. For a list of the documents your lender will want to see, click here.
Select The Right Agent
Your Short Sale experience is most likely to be reasonably pleasant and successful if you select an agent who is a good fit for you and your family. For more information click here.
Short Sales Take Time
Getting a Short Sale sold, approved and closed takes time. If you feel a Short Sale may be your best option, don’t wait until the last minute. In our experience, you should allow at least 45 days to get lender approval for a Short Sale.
Stay In Your Home
If you can do it, stay in your home until your Short Sale escrow is closed. There’s no point in moving out and paying rent elsewhere, if you can stay in your property until the Short Sale is done and save money. We have some things for you to consider, and some strategies on how to get a rental when you are ready to move. Click here.
Get Good Input
As you work through the Short Sale process, issues will arise on which you may want advice. Go to trusted sources for input. You should strongly consider speaking with an attorney and a tax professional on the legal and tax issues that will likely arise before, during and after your Short Sale.
You and your family will get through this. Look beyond the approval and closing of your Short Sale to a time when you will be able to take advantage of the financial flexibility you will have that, had you lost the home to foreclosure, you probably would not have.Copyright © 2009 Mortgage Resolution Services, Inc.. All Rights Reserved.
Copyright © 2009 Mortgage Resolution Services, Inc.. All Rights Reserved.