You could have found yourself in a difficult financial predicament. What is even worse is that your property is underwater as you are now unable to maintain up with the payments. You have determined a short sale is your only way to avoid it; however, you are not sure how to start. The following four key pieces of expert advice will help you to sell real estate in a quick sale with ease.
Talk to Three Key Players
When you are thinking about a short sale, you should speak with three key participants, a real estate attorney, a CPA, and a qualified broker. The laws that determine a mortgager’s power to go after a mortgagee when you will find deficiencies will differ based on the state in which you reside. These three key players can provide the best advice on how you are to proceed so you can make the sale with self-confidence and protect yourself.
Find the Best Real Estate Agent for Your Short Sale Job
It is imperative that you find the right agent for the job, as not all agents are experienced in small sales. To ensure you pick the most qualified agent, you want to do the following:
- Research agents’ course records online.
- Interview agents in relation to their history, such as by asking them the quantity of successful short sales they have experienced and how many they appeared losing to foreclosure.
- Ask if you’re able to speak with the real estate agent’s last five short-selling clients.
Do not let agents fool you with fancy post titles. These titles can be earned after merely taking various training. Additionally, do not fall for virtually any scams that seem too great to be true because more than likely, they are.
Figure Out Your Home’s True Value
The last thing that you should do when you sell your home within a short sale is listed your property too far below market value. The banks will not budge when they want as close to market value as it can be. Since you want to do well, it is critical that you recognize the true value of your home. There are three ways you will discover what your home might be priced at. You can talk with an authentic estate broker, conduct a Search on the internet and hire an independent appraiser. Once you know the actual value of your property, you can set your selling price slightly above the mark and lower it slightly at intervals and soon you receive an offer.
Get Your Package Together
As soon as you receive your offer, you should compile your package. Your package will incorporate important documents, such as a new letter of hardship, tax returns from your last two years, and the latest pay stubs. The bank attempted and find anything to delay the sale. Do not give the lenders any ammunition.
When you sell real estate in a short sale, you will have to exercise patience. There will be quite a bit of negotiation between the bank, the audience, and your team. Buyers will come and go; however, do not necessarily get discouraged. A highly experienced team will make your short sale happen in the end, and you can then begin rebuilding your life.