Process of Short Sale | What is the Process for Short Selling a Home
Process of Short Sale | What is the Process for Short Selling a Home? Before you consider entertaining a short sale you must first Determine if you Qualify for A Short Sale by asking yourself Do I pass the Hard Ship Test?
Here are just a few examples of Hardship.
- Loss of Job
- Becoming disabled
- Divorce
- Death of a spouse
Click here to learn more about Hardship For Short sale
If you believe you pass the "Hardship Test", it is most likely time to proceed with the Process of a short Sale.
It is now time to contact Us and we will quickly be able to confirm if indeed you qualify for a Short Sale. Once that is established, we will begin the Listing Process and guide you through the following steps:
- Put your Hardship Letter together
- Give us (your agent) Permission to Contact your lender to negotiate on your behalf and determine what you owe to date.
- After we determine the market value we will set a listing price and your home will be listed and Marketed on the MLS.
- Once Offer is Received and you have approved the offer, we will negotiate with your lender for their approval of the Short Sale
- Once Short Sale is approved by lender, escrow process begins
- After all parties meet their obligations escrow is closed and short sale is successfully closed.
- Start rebuilding your life and credit!
What you can and should do now if you think you are going to short sale:
- Gather Financial Documentation including: Tax statements, paycheck stubs, medical bills, mortgage statements and anything you think you will need to support your Hardship case.
- Contact Legal, Tax and Financial Professionals for their advise on how the short sale will effect you in each of these areas.
More Options For Avoiding Foreclosure
And on a more personal note: We have personally had friends and family experience hardship and have to Short Sale their homes. It is not an easy decision but once the process is over there is such a feeling of freedom that will allow you to have a more productive life and eventually be able to enjoy home ownership again if you choose to do so. Before you do anything else, let go of any negative judgment you have about your situation. We all experience challenges in life. Many of the worlds most successful people have had much larger challenges than you are probably going through right now. Like them, you must detach emotionally and realize this is a business decision and indeed, this too shall pass!
Copyright © 2010 By Stephen Munson, Munson Realty|Process of Short Sale | *What is the Process for Short Selling a Home,Process of a short Sale
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