How do you start the process of short selling your homeâ€¦
Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
A few examples of a hardship are:
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but â€” with the exception of Wachovia, which is the best short sale bank in the world â€” the basic procedure is similar from bank to bank. The sellerâ€™s short sale package will most likely consist of:
Buyers/ Sellers may wait a very long time to get a response from the bank. It is imperative for the listing agent or paid negotiator to regularly call the bank and keep careful notes of the short sale process. Buyers may get so tired of waiting forÂ short sale approvalÂ that they may feel the need to threaten to cancel if they donâ€™t get an answer within a specified time period.
That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.
Following is a typical short sale process at the bank:
Hire an experienced Realtor that is certified in distressed properties and short sales in California.
Jeff Discher, GRI, ABR, CNE, SFR, DPP, SRES, e-PROÂ Â is certified and has designations with SFR ( Short Sale and Foreclosure Resource speacilist) and DPP ( Distressed Property Professional). He can assist you in short selling your home or helping you purchase a short sale from the seller and bank.