When you decide to pursue a short sale, there are a few things that you will need to do.
- List the home with an agent. We can recommend someone skilled in conducting short sales.
- Download and complete the necessary forms for the lender. Lenders have gotten better about this process and are much more streamlined now.
- Submit a hardship letter. Your hardship letter is important. It’s your chance to explain your situation and make your case for having the lender accept your loss mitigation request.
You don’t want to get too carried away with the idea that this is going to be an easy process. Short sales take time. Even if you are able to get a buyer, the final say still rests with the bank. They could potentially deny the sale price.
The people you choose to hire and work with during this process are critical as experienced and knowledgeable professionals can more easily avoid the pitfalls that can derail the short sale process.
Manage your expectations for the process, understand it probably won’t come to a close right away and be responsive to any requests. The short sale process can be a successful one so long as you are ready for all that it entails.
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