Are you considering short selling a home, but do not know how to get started?
First, take a deep breath. You are taking the first step and you are getting closer to finding a solution to your hardship. Short selling a home can be a very smart decision, but let’s talk about the first steps.
Prior to considering a short sale, you should first talk to your bank about a loan modification. Sometimes banks can offer attractive modifications to your home loan that will make staying an affordable option. If your best alternative is to stay in your home, make the call to the lender that you pay your mortgage too. They could reduce your interest rate, your payment, your principal balance. It is well worth your time to see what your mortgage holder can offer. If you decide a loan modification is not for you, then enlist the help of a Realtor.
Depending on your specific situation, a short sale could enable you to settle your debt with your lender and avoid foreclosure and/or bankruptcy.
Find a qualified Realtor. Short sales are tricky and require an agent with experience and technical savvy. Short sales are a unique creature and can often fail if in the wrong hands. Many experienced short sale agents are on AgentLinkus. If you want us to search our database and recommend one to you, just contact us.
Not only do you have to find a qualified short sale Realtor, you should focus on working with one you feel comfortable with. You will be working together to provide the mortgage holder all they require for short sale consideration. Your Realtor will be asking you for bank statements, paychecks, and much more. You should be comfortable handing over confidential documents to your Realtor.
An experienced Realtor can prepare you with an expectation, apply for relocation assistance money for you, can help you price your home correctly, and can assist a Buyer’s Agent in understanding the process, and much more.
There are no guarantees with a short sale,but find an experienced short sale agent and let them help walk you through the process. It is never easy, but it can be well worth the effort.