STOP FORECLOSURE WITHOUT BANKRUPTCY

Short Sale Tips For Sellers

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

~ Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary.

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:

    * Your property is worth less than the total mortgage you owe on it.
    * You have a financial hardship, such as a job loss/income, divorce,
       credit card debt, mounting medical bills or other financial hardship,
    * You have contacted your lender and it is willing to entertain a short 
       sale.

~ Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional who specialize in short sales.  Look for prior short-sale experience. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

    * Provide you with a comparative market analysis (CMA) or broker price
       opinion (BPO)
    * Help you set an appropriate listing price for your home, market the 
        home, and get it sold.
    * Put special language in the MLS that indicates your home is a short 
        sale and that lender approval is needed (all MLSs permit, and some 
        now require, that the short-sale status be disclosed to potential 
        buyers).
    * Ease the process of working with your lender or lenders.
    * Negotiate the contract with the buyers.
    * Help you put together the short-sale package to send to your lender
       (or lenders, if you have more than one mortgage) for approval.
       You can’t sell your home without your lender and any other lien  
       holders agreeing  to the sale and releasing the lien so that the 
       buyers can get clear title.


CALL US TO FIND OUT IF YOU QUALIFY FOR A SHORT SALE

RE/MAX Real Estate Specialists (714)281-1146
www.GetAShortSale.com


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