Short selling your home is not a decision you should make lightly. It is often a difficult and long process. If you are successful, the difference between what you sell the house for and what you owe on the house is forgiven. You’ll also avoid a foreclosure on your record. There is four steps that you need to follow, after you read these steps and you feel that your ready to start this journey give me LT a call 801.645.1919 or Terry a call at 801.668.7355. We can show you in as little as 15 minutes how we can help you get your home sold. We also specialize in MAKING HOME AFFORDABLE, which is a wonderful program to help homeowners keep there home and lower your monthly payment.
Step 1 – Get Educated
You need to know your options when it comes to your home.
If you owe more than your home is worth, and don’t want to declare bankruptcy or face foreclosure, then a short sale of your home is the best option. A short sale does have potential tax implications.
Step 2 – Get Some Help
This is probably the biggest tip I would give to people who want to sell their home in a short sale. FIND AN EXPERIENCED REAL ESTATE AGENT WHO HAS DONE AT LEAST TEN SHORT SALES BEFORE. Your real estate agent will be able to deal and negotiate with the mortgage company(ies) on your behalf. An experienced short sale agent will give you a much better chance of successfully short selling your home.
Because there is often so many different entities involved in a mortgage (1st mortgage, 2nd mortgage, the investor on the loan, etc) you really don’t want to do this on your own, with no experience. Plus, you’ll never have any out of pocket expenses to pay an agent, as everything is essentially paid by the lender.
WARNING! Just because an agent says they specialize in “short sales” does not mean they have actually successfully done one! There are many classes agents attend regarding short sales, but nothing compares to real world experience. We average 50-80short sales a year and at all times have 15+ plus being worked on.
Step 3 – Get Started Now
The longer you wait to get started with the short sale process the less chance you have of success. Every state is different with their foreclosure process. You need to decide quickly to start the short sale process if you’re getting behind on your payments, or have already received a notice of default
Step 4 – Follow Instructions Exactly
An experienced short sale agent will tell you what you need to do to get the house ready to sell. Don’t get too hung up about the price. If the agent wants to set a low price on the house, there is a reason behind that.
You need a buyer that is willing to stick around for a super long closing or changes to the agreement. In most cases, it can take almost 4 months from when we got the offer to when the closing took place. Don’t get hung up about the price, all you should care about is getting the place sold.