How To Short Sale Your Home
How To Short Sale A Home
IDENTIFY HOME'S WORTH
This first step is to identify the home' s worth. A home' s worth isn't the cost of building the home, or the price paid for the home, it is the current market value of the home. To estimate the value you can compare homes like yours in the same neighbor and do some research. You can also ask a trusted Real Estate Agent to conduct a comparative market analysis.
IDENTIFY ALL LIENS AGAINST HOME
Identify all liens or mortgages owed on this home. Call up the mortgage company and ask for a pay-off amount. Include all first, second or third mortgages as well as any mechanic lines, tax, or HOA liens.
Calculate the difference between the home' s market value and the liens or mortgage against the home. If the home were to sell for it's market value, would all the liens or mortgage be paid off? If the answer is NO, this would be a short sale.
ASK THE BANK
Ask the bank if they will accept a short sale. This should be done in a letter. Tell the bank your story about why your home needs to be sold as a short sale and ask for the bank to accept the short payment. A Real Estate Agent can put together a short sale package for you and send to your bank. This letter needs to express your that you are unable to make payments and the home would foreclose.
Practice patience when waiting for approval from the bank, Generally this could take between a few weeks to a few months. It is in the bank' s best interest to have a home short sale rather than foreclose. It is best to work with an agent who is short sale certified and/or experienced and who can give you a road map about what to expect.
HOME FOR SALE
Once the bank has approved the short sale, your Real Estate agent can list your home as a short sale. To help the home sell quickly, keep the home is good condition, be flexible with home showings, and keep your agent informed. If the home or condo is part of an associate, and there are fees due, do your best to keep those current as more liens against your home could interfere with it's marketability.
SHORT SALE VS. FORECLOSURE
Make sure to do your own research about the pro's and con' s of a short sale. Both these options can hurt your credit and can be difficult on a person's emotions. Speak to a Realtor about your options. If you are in California and you have question about a short sale there is contact information here.
Contact Melia and Oliver Indra to have a Short Sale consultation, we are short sale certified and ready to help.
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