Are you ready to pursue a short sale?
A short sale is a great option if you owe money on your home, but need to get out from under the financial burden of your property. There are many circumstances and hardships that qualify you for a short sale, including unemployment, divorce, the death of a spouse, illness, incarceration and reduced income, among other issues.
But short sales are notoriously time consuming, as many lenders take their time approving the purchase offer.
Fortunately, there are a number of things you can do to ensure your short sale goes smoothly and promptly, enabling you to avoid foreclosure and all that this entails.
Ensure a Short Sale is the Right Option for You
Are you sure a short sale is the right solution? It’s important to ensure that you’re certain you’d like to proceed with a short sale. Many lenders will offer programs and opportunities for borrowers who are behind on their payments. Options may include a revised payment plan, refinancing and loan modification.
On average, it costs lenders over $50,000 per home to perform a short sale. It’s time-consuming too, so most lenders will work with you if you’re interested in saving your home. Notably, the more temporary your situation is, the more likely your lender is to work with you on a program.
Know Your Balance
It’s important that you have current information on your mortgage balance, along with any other loans or liens that you have in place against the property.
The mortgage balance and the presence of any liens will have an impact on the progress of your short sale, as you must remember that all lenders must approve the short sale before it can be finalized. So if there is more than one lender, all will need to give their approval since they’ll be losing money on the transaction.
Answer Your Calls and Emails Promptly
As you progress through the short sale process, there will be a lot of communication required between you, your short sale professional or real estate agent, the lender(s) and the prospective buyer(s).
So be sure to tend to all communications in a prompt, timely manner so as to ensure the transaction moves along promptly.
Turn to a Short Sale Expert
There are a number of unique steps and processes involved when going through a short sale instead of a traditional real estate transaction. You’ll have lots of advantages in this regard when you work with a short sale expert like Kristine Zelazo, better known as The Short Sale Gal.
If you’re seeking to sell your home today or wish to pursue a short sale, contact Kristine Zelazo! Call 800.664.0616, x802.