How Do I Do A Short Sale On My House?
How to start the process of short selling your house:
1.) The first step is to list your home for sale. Do not do a short sale by owner, because there will be no money to be saved. Start obtaining and gettin paperwork that you will need for the short sale. The next thing to do is to call the bank and ask them for a short sale packet. They’ll send you and tell you what you need to submit with the offer.
2.) The second step is to make sure that the agent or professional that you choose has experience doing short sales. Then pick a bank (at least two so you have options). The same that goes for an agent that goes for a bank and each one has it’s own rules.
3.) The third step is to examine how you should price it? One would often think that an owner should try at least to sell their own home to recover the balance, but that isn’t the came. This is an option of what you could do starting at the price, and then lowering the price every week to show that there was effort made. One thing to note is that, in the home description make sure you type “Short Sale, bring all offers!” This tells buyers to submit an offer and see what happens.
4.) The fourth step is to you obtain an offer. Next, you, your agent, or your professional needs to send the offer along with any requested paperwork from the bank in 1 package altogether. Please note that with the short sale package, do not send this in separate pieces. Keep fax confirmation sheets, emails if electronic, or mail via certified mail. The person who sends this should call as soon as possible to verify the bank has received it. Also, keep a log written or typed for every time the bank has called. They should be called every week for an update. This may seem like going overboard, but this is important because if your “file” is missing one item, then the process may have to start all over.
5.) The fifth step is when the bank says that your offer is accepted, read the fine print of what they are offering you. If you have a first and second mortgage, watch for, ” We reserve the right to demand the amount of the second mortgage in full.”
There are many options for help with a short sale, but overall we hope that these options have helped you in the long run.