A “Short Sale?” What’s That?
- It’s when a lender permits a homeowner to sell their home for an amount that is less than the amount of debt owed on the mortgage.
When is the Best Time For a Short Sale?
- If you have been unsuccessful at getting your loan rates refinanced or reduced at the minimum and are currently behind on mortgage payments, we recommend this as the prime time to consider short selling your property.
How Do I Sell My Home as a Short Sale in Charlotte?
- Selling a short sale property is an interesting situation, because factors vary dramatically with respect to lender expectations, & consistently. A great place to start is by writing your financial hardship letter explaining to the lender why you need to sell your property. With this letter you will also need to have ready recent back statements, pay stubs and tax return information for the selling process to begin. Don’t worry, we will help you with this process.
From there, it’s important to get in contact with an experienced Charlotte short sale agent with a history of successfully negotiated short sales closings. They can help navigate you through the intricate, tedious and lengthy short sale process so that you can save on time and money.
Cross Realty Team’s Top Short Sale Selling Tips
To better prepare you for the short sale of your property, here are our experts’ top tips to help make sure the transaction goes as smoothly as possible:
- Work With a Team You Can Trust. It’s going to take a team of professionals to successfully sell your home in a Charlotte short sale. Since short sales are particularly elaborate processes that are different from more traditional real estate sales, you will need the help of a trusted team of real estate agents, real estate attorneys and tax consultants. With their combined real estate experience, they will work closely with you to negotiate with mortgage lenders and banks to ensure you pay little to nothing when selling your home.
- Know Your Mortgage Balance. When you decide you are going to short sale your home, the very first thing you should do is determine the total balance of any liens or mortgages you have left on the property. This is critical because the lender will use that value to set the new listing price.
- Patience is Key. Whether you are wearing the buyers or sellers hat, when it comes to short sales, patience is the ultimate key. By the time you have submitted your short sale request, many lenders are already backlogged with high volumes of other short sale requests. It can take months for the lender to respond with a “yes” or “no” to your request, and that’s just the first step. Remember, good things come to those who wait!
- Document Preparation. Your request for a short sale in Charlotte, NC will eventually be a package of documents. This will include a proposal, financial documents as well as a letter explaining why you are asking for a short sale due to financial difficulties you are experiencing with the property called a “Financial Hardship.” Our team is experienced in how to organized these packages of documents, so you can focus on advancing forward with your short sale.
Cross Realty Team’s Here for You!
By working with a qualified team of short sale specialists like ours here at Cross Realty Team, you avoid many of the financial sinkholes that can happen during loss mitigations as well as routine negotiations. We know how to negotiate the best price range for you. With our team by your side, we will carefully take steps together towards ensuring you pay as little as possible, if any at all. Our job is not done until your home is approved for a short sale and all your debts have been forgiven!
If you have questions or need to speak with one of our short sale specialists concerning short selling your home, contact us today! You can reach us at (704) 612-0000.