Losing your home is hard enough, so you want to make it as easy and painless as possible.
You do not want to go through a foreclosure, as you are looking for another option that may work for your situation.
One can consider a short sale, as that might the correct option in the situation.
Pay close attention as we give you some short sale information within this article.
Like anything else in life you want to make sure that you go about doing things the right way.
The same goes for conducting a short sale.
If you have decided that you want to do a short sale of your home, there are a few steps that you should follow in order to have a successful short sale.
Engaging the right real estate consultant: Who is the agent working for you? Well, the agent that you choose is someone that has knowledge and the experience to reverse engineer the real estate process or at least have the resources to do so, as well as, a business background.
Reversing real estate is difficult and more complicated than the straightforward process of buying and selling a home, which most consumers and agents are used to do.
Root out the wrong agents.
You want to pick an agent that is knowledgeable and is experienced.
When you speak to them and explain your situation the agent should ask you for some important documents, such as, closing documents, income tax, bank statements, paycheck stubs, along with some other information, before they even start discussing a listing agreement.
If the agent wants to talk about a listing agreement before getting the documents that are needed and doing a thorough and in depth review of all the documents and then evaluating where you stand financially; then this agent is not for you.
Look for all possible options: Once you have found the right agent, they should be able to tell you some other options besides a short sale.
These options can include renegotiation of your loan terms or deed in lieu of a foreclosure.
There are various documents that have to be put in place by you so your real estate agent can talk to your lender(s), as well as, the listing agreement and any other documents that are related to the listing contract.
You and your lender(s) are partners.
Normally in a situation like this your lender is your enemy, but the fact is that the two of you are partners.
You and your lender(s) will be in the position to decide whether you as a team want to accept and approve an offer and move on with the sell.
You have to keep in mind that the lender(s) that are involved have an interest in the property just like you.
Take care of the property: If you want to get the best and highest price that you can get then it is common sense that you should make sure that you keep up the property during the time that the house is listed.
Evaluate the offer: With a short sale it is common that buyers are looking for a bargain and they may make offers that are lower than the estimated market value.
If the offer is too low the leader may decide that it is best to foreclose on the property.
Share complete information: The real estate agent needs to make sure that they have all the necessary paperwork and are willing to answer any questions the lender may have.