Thursday, May 9, 2013

QUALIFYING FOR A SHORT SALE?

Image Courtesy of renjith krishnan/Free Digital Photos/net

I get this question all the time from prospective sellers. You may be eligible if you:
  1. Owe more on your mortgage than what your house is worth.
  2. Have a hardship such as divorce, job loss, medical bills, loss on the family, illness, to mention some.
  3. Are late on your payments due to the hardship.
  4. Are not able to refinance or modify your current mortgage.

If you answered yes to these questions then you should contact a real estate agent in your area. Make sure to ask questions regarding their short sale experience and success rate. The short sale process is a very lengthy and repetitive process, since sometimes lenders are not as organized as others and may request the same information again and again.  

As a rule of thumb I always recommend my clients to provide me with updated information as they get it such as pay stubs, bank statements until we close, that way I don’t have to be asking and have them rush at the last minute. Be prompt when the bank requests documentation since it could make other documents expire and delay the short sale process.

Make sure to provide your real estate agent with all the documentation up front and at the same time; this is one of the main reasons why the banks keep requesting updated documents, expired documentation. Pass along to your agent all written or phone communication from the bank if you receive any mail or calls, keep them on the loop, that way we know what is going on. Communication is the key to a successful short sale.

Hoping to have answered your question and you now know if you are qualified for a short sale if not, just contact us.

Via http://lasvegashouses.blogspot.com

No comments:

Post a Comment