If you are looking to sell your home through the short sale process, getting help is always a good idea. These are complicated transactions that can easily go awry without an experienced hand guiding you through the process.
Here are two options for finding short sale help:
- Professional Loss Mitigation Specialists. You may contact a loss mitigation office and hire legal professionals to take care of the short sale procedure. Make sure that the loss mitigation company has a good reputation and is already established in this kind of business. Again, you want experience in these situations. A good loss mitigation firm can also recommend a short sale real estate agent that has familiarity with this type of transaction.
- Real Estate Agent. Realtors are a great resource and you’ll definitely need one to sell your home. But you don’t want just any realtor working your short sale. This has to be someone with verified experience selling homes that require bank approval of a sale price that is less than what is owed on the mortgage. A good agent will probably have a person or business that is adept at handling the lender negotiation aspect of the sale. Short sales are difficult to do and time consuming for just one agent.
Whatever you do, don’t attempt to do a short sale without help. Typical real estate transactions are already tough enough. Throw in the extra hassle of a short sale and it’s an extremely difficult process.
Even with help, you’ll need to prepare for a long drawn-out process involving back and forth negotiations with the lender. Just because you have a buyer at an agreed upon price does not mean the sale will go through. The bank must approve all short sale deals. Enlisting the help of an experienced firm, agent or both will help smooth out that process.
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