Short Sale Secrets For Sellers
The process of completing a short sale can be a bit overwhelming and involved. This is an undertaking that requires patience and skill from start to finish. The amount of paper work and seemingly unending questions from the bank and other parties seems to frustrate most homeowners and real estate personnel alike. The truth is not many real estate professionals have a wide knowledge base when it comes to closing a successful short sale. It is important to remember that each step is a vital part and is quite unlike a normal home sale.
1. The bank prefers a short sale:
It is important to understand that the bank is HAPPY that you are trying your best to sell your home. The last thing they want is to have to take anyone’s property and deal with the hassle of selling it after foreclosure.
2. Missed payments are not the only reason to do a short sale:
Many large banks including Bank of America have to adjust to the times. They are coming to the realization that you do not have to wait until you miss payments to start the short sale process. If fact they are realizing that that type of thinking just does not make sense. Banks today with their improved infrastructure are better prepare and more than willing to do short sales. We have an approval as of today 7.11.2012, where the homeowner has not missed one single payment, and we have a full approval from her bank for the short sale! That said, highest priority is given to files that the seller is significantly behind in their payments.
3. You need a qualified buyer to complete the process:
There are a lot of factors that go into a short sale. The first is you need a buyer to make the process complete. The buyer must be pre-approved or have proof of funds for a cash buy. It is also helpful to have a buyer who understands the in’s and out’s of contract sales. This is very difficult in this market. You also need to make sure that you are able to get the property appraised for whatever the contract states
4. Short sales protect your credit score:
The facts are that in a few months or years you will probably want to buy a new home. When your future lender is checking your credit for your loan application the fact that you tried all that you could to stay out of foreclosure will matter. One of the ways to do this is to use a short sale. It’s certainly a strong option compared to foreclosure!
5. You can likely postpone foreclosure even if it is eminent:
We have often gotten calls from clients that are 30 days from foreclosure and they are very concerned. If you are at that point it is honestly OK. As long as you are outside the 10 day “danger zone” you should be fine. There are times when it is as simple as a phone call by an Short Sales expert to postpone the foreclosure process.
Post pone your foreclosure now, call today 704-612-0000
6. You can live in your home while the Short Sale process is taking place:
You can keep living in your home while a short sale is in progress. In fact, you can even have a paying or non-paying tenant living there at that time. This is very similar to how you would typically sell the home.
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