So What Is A Short sale?
A shortsale is selling your home for less than what you owe on your mortgage. It gives the bank the right to require their approval to accept the price and terms of the sales contract. In most cases with a short sale the home owner is paying a lot less than what the house is worth or what is owed to lender. The bank, lender and or investor may require additional documents. It can be a long and complicated process and sometimes short sales do not make it to closing due to home buyers not getting straight answers or the paperwork is incomplete.
2012 the majority of real estate sales were short sales according to various real estate statistics. In 2013 we are likely to see fewer short sales than 2012. It is not advised that a home seller attempts to work with the bank on their own. It is a long and tedious process and a process that requires an attention to detail and dealing with the bank in their time.
There is an enormous amount of paperwork required and specific steps to follow in order to accomplish a home sold in a short sale. Mistakes can prevent a successful closing or delay the entire process.A few useful tips to make the process a little less painful and successful.
- Connect with the right department at the bank. You may get what feels like the run around, chances are the customer service department may not know who to send you to. Anytime you are on the phone with the bank, you’ll need your patience. Have your account information ready, they are gonna ask for it.
- Document conversations and make sure and fill out every document completely. Need help? Hire a lawyer or a real estate professional.
- When faxing documents always grab your confirmation. Faxes end up everywhere else rather than where they are supposed to go.
- Always be patient on the phone and set aside ample time to talk to the bank. It can be frustrating because a good portion of your time on the phone is on hold.
Being behind on your mortgage payments can be very stressful and cause embarrassment. The best thing to do is stay focused and do everything you can to get your property sold. Need assistance in finding the right short sale real estate agent in your area? Contact us, we know some of the best agents in the nation!