How to do a Short Sale of Your house
When you can’t pay your mortgage and you owe more than your home is worth, a short sale may be the best way to sell your home. You may not want to lose your home, and the bank may not want to lose the additional money through foreclosure. If you have the time, the short sale process puts you in a position to recover your life.
How do you do a short sale
The short sale process has a number of steps you must follow precisely. Since the process is time consuming, you must be prepared to wait for each step to complete.
- Establish hardship, which makes the case to the lender that you can’t pay
- List and market the home, with the goal of obtaining a qualified offer
- Prepare a package of documents and submit them to the bank
- Wait for a short sale negotiator to be appointed to review the case
- Submit to a short sale appraisal/BPO
- Receive terms and conditions from the bank
- Negotiate with all parties on terms and conditions.
- Complete the closing process
Other help for housing woes
The many steps of short sale add a minimum of three to six months to the process of selling your house. Along the way, the bank can short-circuit the process at any point if it thinks your hardship is not severe enough or has hopes of making you pay to the original terms. Often, a real estate agent can help you prepare your case and negotiate for you throughout the process.
Some homeowners with loans secured through Fannie Mae or Freddie Mae may qualify for short sale help through the Making Home Affordable program. If the homeowner meets all the criteria and the lender agrees, the homeowner might walk away with $1,500 to help with relocation expenses and debt forgiveness of the balance.
What is your experience with short sales?
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