The decision to short sale your home or property is never an easy one. If you are considering a short sale, you are most likely already in default. Simple defined, a short sale is an agreement between you and the lender(s) to sell the house for less than what you owe on it. As you are probably already aware, short selling a home can be very emotional … but, it could be the only option you have.
The housing market has absolutely tanked over the past few years, and because of this, buyers are getting great deals from those who are in over their heads. Some people have lost their jobs, while others just purchased too much too soon. However, it does not really matter why you are considering a short sale; all that matters is that you find a way to relieve yourself of some undue debt.
Some lenders are in over their heads in foreclosures, and they are more willing to consider a short sale. When you short sale a home, you are selling the home for less than it is “worth”, or less than what you owe. Some lenders are very unwilling to accept a short sale proposition, choosing rather to go into foreclosure. In most cases, this is very expensive for them. It is important to make sure your lender is willing to consider a short sale before attempting to do such.
So, how do you short sale a home? Well, the absolute first step is to contact a real estate agent that has previous success in short sales. Real estate agents are highly experienced in selling homes, no matter what the market. However, you are going to want someone who has already handled short sales before and can help you quickly move your property.
Secondly, you should be ready to move quickly when you short sale a home. If you have a lot of possessions in your home, you should try to either sell them or store them. It is so much easier to move out of a home on short notice, especially if you have already completed most of the move. Basically, the reason that you want to be able to move quickly is so that you can close on the short sale fast. If someone is interested in your property, and your lender agrees to the terms, you do not want a hiccup to slow down or stop the sale altogether.
Finally, you should close on the short sale. When you short sale a home, your real estate agent is probably going to be your best ally. They have conversed with your lender in great detail, they know all of the necessary paperwork to streamline the process, and they are working for you. If all goes well, you will sign a lot of paperwork, and then the house will be out of your name. Sometimes, there are some unforeseen problems that might arise, but overall, if you have a good real estate agent short sales are not too complicated.
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