If you're planning on averting foreclosure through short sale, this decision really should not be considered lightly. The whole process of a short sale may be a lengthy one and often quite challenging. Banks require you to apply for a continuous supply of written documents, then need the same of the potential purchaser. Because of so many tasks involved, it only takes one slip up to delay the whole process. Allow me to share 4 strategies to getting around a foreclosure by having a short sale.
1. Take notice of the Particulars
If you choosed to proceed having a short sale, your initial priority is to get a realtor that is a specialist in short sales. You do not need one that is experienced, you want one that specializes in them. There's a big difference here. Several agents move any properties they are able to, and if a short sale is one of them they add to their list. You'll need a real estate professional who has the knowledge to get you through this process in the shortest time. An experienced short sale agent will tell you exactly what you need to do to get the house ready for sale. If the agent decides on a price lower than what you expected, there is a reason behind that. Your priority should be getting the place sold.
2. Have the Process Begun Today
Newest statistics show there are 10% more short sale applications being processed each month. The longer you wait to get started with the short sale process the less chance you've got of success. You should decide quickly to start the short sale process when you are getting behind on your payments, or have already received a notice of default. Using the right specialist working for you, your application may have less errors and is more likely to get to the top of the pile and on the right persons desk faster than if you had to go back over and over fixing incorrect information, time is money here.
3. You Must Get Educated
You'll want to become acquainted with some very important information. Two essential terms you need to know are deed in lieu and short sale. A deed in lieu implies that you give up the house to the bank and walk away. You will be basically giving up the deed rather than facing foreclosure. Having a short sale means you owe more than your house is really worth, and don't want to declare bankruptcy or face foreclosure.
4. Be Prepared Emotionally
When you finally get the ball rolling and have the short sale pending, the entire process of short selling your house can be quite emotionally draining. You are likely to be getting telephone calls on a daily basis from real estate agents wishing to show your property. If you're still in the home it could be challenging showing the house multiple times daily, while seeking to keep some normalcy in your life.