Do You really know what a Short Sale is

I hope this will help you understand the process better.  I tell people, try all your options before considering foreclosure.  Short Sales do upset your credit score but not as bad as a foreclosure will.

The old saying "the sooner the better also applies when doing a Short Sales.

When you know you are in trouble, (and this is different for each person, each family) that is the time you start talking to someone. You should start with your lender and see if they can work with you to restructure your loan so you can remain in your home.

If your lender can not help you then you need to contact a Realtor that understands the Short Sale process.  Some will say they do when they don't, so ask questions, ask how successfull have they been, no one is 100% successful so that is not the answer you are looking for, 80% is about average, if less then that keep looking. They must be agressive and never give up, lenders are slow with the process but if you hang in there, most will work with you.  If you have an FHA loan, your chances of success is much better then with other loans. If you follow FHA guide lines when accepting an offer, they will step in on your behalf when the banks are not doing their job.

Banks in most cases do require that you have your home listed for a couple of months before they will accept you into the Short Sale  program, (hoping to get a full pay off on the note). Other banks will start the process right away, none will do anything until you get an offer on your home so that is a must.

Some Realtors will disagree but a proven fact is lenders will only look at one offer at a time so as soon as you get one, (unless it is just way to low) submit it, hold all other offers as backup offers, so you will have them if your buyer backs out.

When you list your home and are waiting for an offer, that is the time to gather up all lender required papers. Each Bank has their own requirements, but on the whole they all want the same.  If they require additional forms they will ask you after a Negotiator is assigned.  Save copies of all papers sent, lenders will at some point ask for updates so you want your originals to refer back to. Save all pay stubs because they can ask for them several times before the sale is complete. 

These papers ond forms are required from everyone listed on the note even if you are devoiced so in order to avoid a delay in the sale make sure all concerned parties are on the same page.

I do hope this will help and if you have any questions please send to me and I will do my best to answer.

Never give up, with a little work you can look forward to a brighter future.

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