Exploring the Short Sale from Start to Finish. What sellers and buyers need to know:
So you've consulted with your lender and possibly a non-profit home counselor and decided you want to proceed with the short sale. Where do you start?
1-Meet with a certified SFR real estate agent. They can assist with all questions related to the processes of the Short Sale. Ask the agent how many Short Sale transactions they processed last year.
2. The agent should ask questions to make sure you would qualify for a possible Short Sale on your home. These types of transactions take dedication and patience from both the sellers and real estate agents.
3 All lenders require a short sale package to be assembled that includes current financials, hardship letter, letter of authorization and W2's to name a few. Again, your agent can assist you with this process.
4. The Letter of Authorization gives your agent permission to talk to your bank and see exactly what needs to be done to get the ball rolling. Under the HAFA program some sellers could qualify for assistance with moving expenses ect..all lenders are different, they only way to know for sure is to communicate with the bank.
5-Depending on your banks processes they could recommend you get the house listed and bring an offer first before anything else can be done or they order and estimate of value and share with the seller and agent what price they might be willing to except for the home.
Watch for my next blog. I'll explore what happens next in the Short Sale Route for Sellers.