Should you be contemplating getting around foreclosure by means of short sale, this kind of choice should not be taken carefully. The process of a short sale is usually a long one and frequently very difficult. The banks require you to submit a continuous stream of written documents, then require the exact same from the future buyer. Considering the variety of tasks required, it will only take one slip up to holdup your entire process. Allow me to share 4 tips to averting a foreclosure by having a short sale.
1. Observe the Details
If you decide to proceed having a short sale, your initial concern is to find an agent that is a specialist in short sales. You do not want one that is experienced, you want one that specializes in them. There is a big difference here. Many agents move any properties they are able to, and if a short sale is one of them they add to their list. You’ll need a realtor who has the knowledge to get you through this process as fast as possible. An experienced short sale agent will tell you exactly what you need to do to get the house ready for sale. If the agent decides on a price lower than what you expected, there’s a reason behind that. Your priority should be getting the place sold.
2. You’ll need Process Started Today
Most up-to-date statistics show there are 10% more short sale applications being prepared every month. The longer you wait to begin with the short sale process the less chance you have of success. You should decide quickly to start the short sale process if you are getting behind on your payments, or have already received a notice of default. Using the right specialist working for you, your application may have less errors and is more likely to get to the top of the pile and on the right persons desk faster than if you had to go back over and over fixing incorrect information, time is money here.
3. You Should Get Educated
You’ll want to become acquainted with some very important information. Two extremely important terms you need to know are deed in lieu and short sale. A deed in lieu means that you give up the house to the bank and walk away. You will be basically giving up the deed instead of facing foreclosure. Having a short sale means you owe a lot more than your home is worth, and don’t want to declare bankruptcy or face foreclosure.
4. Be Prepared Emotionally
Once you get the ball rolling and have the short sale pending, the entire process of short selling the house can be extremely emotionally draining. You are going to be getting telephone calls every single day from realtors wishing to show your house. If you are still in the home it could be tough showing the house many times daily, while trying to keep some normalcy in your life.