A typical short sale will probably require two experienced parties to effectively get the job done.

1. Real estate agent. Preferably, you want someone who has a history of successful short sales.
2. Short sale negotiator. This person handles the direct contact with the lender and negotiates the sale price down from what the lender might ask.

Some agents might take the negotiation role on themselves, but that can be pretty daunting so make sure they have a successful history before contracting for their services.

There are multiple parties involved beyond those representing you and that’s a big reason why you want to enlist professional help.

The process may require approval from junior lien-holders, HELOC lenders, special assessment liens, etc. Tax lien holders and mechanic’s lien holders appear as potential objectors of the approval process. They may prevent the short sale. So, the involvement of a wide array of parties, parameters and processes in a short sale makes it very complex and difficult.

You can see why a short sale specialist could be so important. It’s very frustrating to get a buyer and seller on the same page only to have the bank or perhaps an additional lien holder object.

The possibility of success in a short sale agreement depends on choosing a good short sale specialist.

• Market value of the home has dropped. Most people looking at a short sale as an option have experienced a drop in home value to the point they now owe more than the home is worth.
• The mortgage is in default status or could be in the near future. With the current market being as it is, lenders are becoming more willing to consider a short sale even before the home goes into default. This helps them cut the problem off before it costs them more money.
• The seller has a hardship. With any loss mitigation program, documenting the hardship that has caused your current situation is required. Lenders might be particular about the hardship so it’s best to rely on our expertise to help you with the letter.

If you think you qualify for a short sale, contact a loss mitigation specialist to begin determining a course of action. It’s important to remember that time is not on your side in these situations and the quicker you act the better chance you have of achieving a successful short sale.