Short sale is one another way to stop your foreclosure and it can also save your credit report from being dented. Late mortgage payments and foreclosures are two most essential aspects that affect your credit report. Short sale in the only choice left if you ever unable to repay your loan and are facing a foreclosure. However, you can use other available ways too but its better to go for a short sale as it provides you much more control over the complete situations. The short sale alternative can save you from legal process of property foreclosure as well and help you regain your total value of the property for the sale.
Lots of borrowers think that they can’t sell their house and to a degree they’re, they cannot sell it at its actual cost rather they would have to sell it at much less in the market. The short sale alternative is simply selling your house for less than the loan/s amount. It is quite simple process if work with the reputed agent and he or she follows the procedure, most agent don’t like and won’t do and don’t understand it. There are lenders who sound difficult to make things worse. Usually, there are thee major factors that you should do for short sale.
Pre-qualification - It includes the process of meeting the lender and describes your situation and your intention to sell the house to avoid foreclosure. Maximum number of lenders provides a form for short sale. You are required to complete the form and attach necessary documents with it.
Once you have qualified for the short sale, you have to promote your property in order to find a suitable property buyer. You might have to hire a realtor or advertise in local magazines or newspaper. In short sales you are only selling the house to stop the foreclosure so you can’t sell the house to maximize profit from it or in a cost that is higher than the complete loan amount. This procedure takes long time, so if you are unable to find an appropriate buyer, you should not drop the idea of short sale.
Once you find a suitable buyer then you can submit your buy contract and the buyer’s information to lender. Once the lender accepts the offer then the deal is finalize and sent to the little company for clearance of any escrow payment.
Sell More Short Sales, a Northern California Shortsales advisory firm, has assisted homeowners on a national scale to elaborate business of short sales, loan modifications, forbearance, Bay Area loan modification, deed in lieu, and other loss mitigation solutions.
