You will hear a lot of different opinions by asking a lot of different people. From reading the responses here, these professionals in the real estate industry have hit the nail on the head. You've taken the right first step by asking the question. There is a section on my website titled, "So.. What the heck is a Short Sale?". My suggestion would be to take a moment to read it and I would be happy to answer any questions you may have. The URL is listed in my signature line below.
I look forward to hearing from you!
Wainwright Real Estate
Specializing in Suffolk, Franklin, Smithfield, Chesapeake, and Isle of Wight County
Licensed Real Estate Agent in Virginia
"Let's Make Moves Together!"
You do, however need the co-operation of your Lender:
You should call them, and tell them your intentions. Ask them what they need tp help you.
Different Lenders have different requirements.
If helps if you are "pre-approved for a shortsale",
this is not the same as being "pre-approved" for a loan.
Then, you will LIST the house, with a Realtor, as a Shortsale.
How you start this process is critical.
Contact a Sulfolk, VA real estate professional who has short sale experence.
They will be able to guide you through the crucial 'first steps' that, if done incorrectly, can doom your effort.
You may discover, other options exist.
The DIY option is avaialble, but in these highly complex. convoluted, ill-logical, frustrating transactions, you will find the insight of a professional, invaluable.
Best of success to you,
ReMax Realtec Group
Palm Harbor, FL
Your Realtor will then be able to assist you through the long and tedious process of dealing with the mortgage company in getting you approved for a short sale, getting the home on the market, getting an acceptable offer for the home, getting that offer accepted by the Bank and getting the contract closed. It is not an easy task but with a lot of patience and effort on the Realtor and your part it can be done.
I do have some experience dealing with the listing and sale of short sales. If you would like to talk about the process give me a call directly at 757-812-0399 or email me at email@example.com.
Your Lender is YOUR LENDER; they do not work for or with your Realtor. The Loan will be yours, procured because of your personal information, chosen by YOU!
Your Realtor's job is to advise you, find you possible properties, help you with the purchase and protect your interests along the way.
Whether you chose to pursue a Shortsale, an REO, or a Normal sale; the choice is yours and your Realtor will do whatever you request.
I would suggest consulting with a Certified Short Sale Agent. There are many items to consider with a short sale. Feel free to contact me for a free and confidential consultation.
Anthony Alleva, CSSA
Certified Short Sale Agent
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Cell: (757) 768-9412
Fax: (800) 215-0211