How to short sale
How to short sale is burning question for many home owners in this market. Many owners realize that just letting go of a home is an even bigger disaster for them. I will give you a couple of quick tips to navigate through a successful short sale. First if you are a home owner who has simply lost value in your home and not had a life changing event that has hampered your ability to keep up with your mortgage i.e.. job loss, reduced pay, loss of a spouse, etc. A short sale may not be an option for you. Call a certified short sale agent to discuss further.
Step one- Collect all notices from your bank
Step two- Collect all financial documents; pay check stubs, bank statements, wills, tax returns
Step three- Prepare a letter of explanation to your mortgage lender stating the reason you are behind and need a short sale.
Step four- Contact a licensed Realtor that has short sale training. Don’t worry you wont have to pay them for their services. The bank will cover the commission earned in the short sale.
Remember for a successful short sale to happen you have to have your documents ready to go. A short sale can be a long process but in the end can save you from years in damage to your credit. Agents with training in short sales can be identified with the SFR designation after their names. This stands for Short Sale and Foreclosure Resource.
Krishna Perkins, ABR, SFR
www.sahomelocator.com
