4 Sacred Short Sale Tips
July 7th, 2008 categories: Sellers, Short Sales & Foreclosures
You have sucked it up, bitten the bullet, and it looks like you are heading down the dreaded route that you never thought you of all people could end up on. I looks like you are loosing your home. Well, lets make this as painless as possible and hopefully save your credit score as much as possible in the end.
Here are 4 Short Sale tips that will help:
1. Don’t Be A Loner- I promise that this is not a ploy for you to call me but you will need a Realtor on this trip. It is long, complicated, and you need a guide. One of the major hurdles with the bank is showing sufficient marketing to sell the home. You don’t have time for this one and it you won’t be paying the Realtor if it goes through any way- the bank will.
2. Make A File- If the banks has begun the foreclosure process you need all of that information. Any default information is helpful. Also call your bank and find out what your PAYOFF BALANCE is. If you have more than one lender involved get both balances.
3. Make File #2- Make another file with a copy of W-2 forms, proof of employment records, the last couple of years of banks statements, your last 2 tax returns, and be prepared to write a hardship letter.
4. Practice Patience- Patience during a short sale is not just a virtue it is a must have. It is important to understand that if handled properly a short sale stands chance of being accepted by the bank within time. However, expect that time to be up to 90 days longer than a typical resale.
Once you choose a Realtor to represent you during this transaction, you will need to be able to convince the bank that financial hardship is not from a living a lavish lifestyle or loan fraud. These document will help. If you have lived-it-up you still may have a shot so it is worth looking it to.
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Practicing patience is a great bit of advice. I have had short sales take over 9 months!
Jonathan Christopher of Short Sale Way