Foreclosure in Riverdale>Question Details

Jennifer, Home Seller in Georgia

What is the process of doing a short-sell? How long does it takes? Jennifer

Asked by Jennifer, Georgia Thu Feb 5, 2009

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6
Hello Jennifer,
You have other options other than a short sale that may be more beneficial to you. There is a program called HAMP that will allow you to modify your loan and there is another process called Deed in lieu of. Either will depend upon your lender's approval however, those options are available if you are interested in retaining your home. If you choose the short sale way, that is a possibility as well. You can call or email me for additional information.
Katherine Mitchell
Katherine Brown MItchell Realty
678-640-8948
kbm777.realtor@att.net
0 votes Thank Flag Link Wed Feb 16, 2011
Jennifer,

The process involves some keys to it.

1. You need to have some sort of hardship - lost job, divorce, lost income... something that would cause you not to be able to continue making payments.
2. You'll need to have a Realtor list the home (see FannieMae's website) that specializes in short sales.
3. You'll need an actual offer in most cases to even start the conversation

There's a package that we get to get together to "prove" that you cannot afford the home. Then we need the offer. Depending on the home, I may be able to bring you an offer within 48 hours.

Contact me if you have any questions!

Good Luck!
0 votes Thank Flag Link Fri Feb 6, 2009
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Jennifer, you really need to contact an agent in your area that specializes in short sale. If you are already being advertised for auction in March then you are behind on the process and need to assistance immediately.

If you get with the right agent, get the home listed for a price to sell, get a contract contingent upon banks approval then the bank might delay the foreclosure to work through the short sale.
Web Reference: http://www.HomesByLorie.com
0 votes Thank Flag Link Thu Feb 5, 2009
Jennifer,

Each short sale is different. If you have only one Mortgage that makes it less complicated or if your multiple mortgages are with the same bank, it is easier. You should put your home on the market with a Realtor, and the bank will be easier to work with if you have a qualified buyer who has written a contract on your home. You should also write a hardship letter and get it to the bank explaining what your circumstances are. Please write in full detail. If you have any question do not hesitate to call. It is also important if you are working with an attorney to be sure he or she is versed in short sales.

Good Luck
Carolyn
0 votes Thank Flag Link Thu Feb 5, 2009
Jennifer
The first thing you need to do is to discuss the process with your lender to see if they will accept a short sell. If they do there is paper work you will need to do with them.
The second thing is no one can say how long it will take. You can get a general idea from the market statistics for your area.

Best of Luck
0 votes Thank Flag Link Thu Feb 5, 2009
Hi Jen -

There really is no answer other than it varies as does the success rate. I'm happy to give you more specific info if you can be more specific with your question. In the meantime - a recent blog post might help -

http://www.trulia.com/blog/hank_miller_-_associate_broker/20…

Thanks -

Hank
0 votes Thank Flag Link Thu Feb 5, 2009
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