© Images_of_Money (Flickr) property for sale signs
© Images_of_Money (Flickr)
Definition of short sale
The definition of short sale is many fold. First it is a lender approved sale where the home is sold for less money than what is owed. The owner agrees to walk away from the home and co-operate with the sale.
However, in order for the lender to approve the short sale, the seller must qualify. The seller must prove he is in need of help and full documentation is necessary.
Short sale process
The short sale process is a long drawn-out process, but it can be done very easily if you have all your paperwork ready. First it is imperative to have an experienced short sale agent who has had success with closing short sales in the past. To work with an agent who hopes to help you is a waste of time.
After you have chosen your agent and placed your home up for sale, the paperwork should be put in order.
You will need to have two months of bank statements, proof of income, an application completed, comparables on the property itself and a letter explaining why you are in debt.
Once the home is sold for market price, the offer is submitted to the bank for approval. If your home appraises, and the offer is accepted, the deal will be closed.
Preparing for the appraisal
A short sale is not a quick sale property. If you want to sell your home quickly, then make sure the home is priced well, in excellent condition and has no additional liens. If not, plan on the process taking a while to complete.
Your short sale will only be approved when the appraisal comes in at the selling price. Learning how to prepare your home is best. Remember that you want your home to appraise low, so don’t do too much.
When the appraiser arrives, make sure your home is not tidy and not in the best order and shape. A home in perfect shape will appraise for the highest value and that is not what you want.
Closing a short sale property
In order to close the short sale in a timely manner, you must have a place to move to. Prepare by locating boxes and make plans to disconnect utilities. You will have to be ready to leave your home of many years. Think of this not as a loss, but as a new beginning.
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