The process of completing a Short Sale involves two main steps. First, a seller must cooperate and willingly sell their property. Then, the seller must write a narrative of their hardship and financial status and submit it to the lending institution. The application process can be embarrassing for sellers, and many won’t complete it. However, real estate brokers can prepare them to do so. If the lender is located thousands of miles away, they can’t provide the necessary information.
Using an agent is essential. Not only can they check public records, but they will also be able to provide advice on making an offer. The biggest challenge of working with a short sale is that the lender controls the process. Therefore, a real estate agent is essential to ensure the successful completion of the transaction. In addition, a good real estate agent can keep buyers on their side during a lengthy process and help them prepare for a new mortgage.
Another critical component of the Short Sale process is contacting the lender. Once you’ve delivered the package to the lender, it’s important to follow up on it on a daily basis. After all, the lending institution is notorious for losing paperwork. If you are trying to get a short sale, it’s important to stay on top of the lender’s schedule. A daily reminder to the lending institution will keep you informed of the status of your short sale.
Once you have found a real estate agent, you need to write a short sale letter describing your financial situation. Your letter must be persuasive and truthful. Be sure to include corroborating material, including termination letters and medical bills. It’s also important to explain why you need to sell your home and why your current lender will not allow you to do so. If you don’t have enough money to pay off the mortgage, it’s best to go with a broker or an attorney.
If you’re thinking about a Short Sale, it’s important to make sure it meets all the lender’s requirements. When you’re negotiating with the lender, you can include the caveat that states that the offer is contingent upon the approval of the lender. This caveat will protect the seller from the risk of an unconditional sale. You can also negotiate with the seller directly. When the buyer is prepared with their offer, the broker should be willing to accept it before it becomes binding.
While the price of a Short Sale can be attractive, it can also be risky. Buying a Short Sale requires patience and negotiating skills. If the price is low, you’ll need to negotiate with the lender. Although the bank’s terms aren’t set in stone, you can still get a great deal if you’re willing to be flexible. If the value of a Short Sale is below the bank’s expectations, make sure that the buyer offers a competitive price.