Each lender has their own rules. I suggest first contacting your lender to find out if your property qualifies for a short sale. It's smart to contact the lender early on if you thnk you are going to default on your loan. Also, I recommend you consult with a Florida foreclosure defense real estate attorney to find out what your other options may be to save your home from foreclosure before you list the property for sale with a local Realtor. No point in offering the home for sale as a short sale if your lender says the property does not qualify for a short sale. Your attorney will advise you of the proper options and procedure to follow.

The smartest way to sell your house as a short sale is to get your lender's approval first otherwise the process takes about 5 months and even if you do get an offer from a buyer, 50% of short sales fail . One of the reasons they fail is because the buyer gets tired of waiting for the lender's approval and finds another opportunity. Another reason is the seller does not provide the lender with the financial information that the lender requires to approve the short sale. I had a short sale fall out for that very reason. Another reason why it is a good idea to have a pre-approved short sale is that many local Realtors don't want to show their buyers short sale prperties that are not pre-approved because there is no guarantee that the transaction will close.

It is soley up to your lender as to what their requirements are. We have worked and closed several short sale properties. Call me to go over the process with you. 561-750-5726.

Millie

Call me 561-716-9691 and No you do not have to miss or be behind in your payments inorder to do a short sale.

i am certified in short sales and in the short sale course(8 hrs.!) we were taught that a bank will not consider a short sale if your payments are current. Also you absolutely must provide proof of hardship.

Dear Man,

The first step should be to contact your lender and ask them what you need to do or provide them in order to initiate the short sale process- as and a buyer's contract). They will be able to tell you if you would qualify.

Feel free to call or email Linda@LindaBassitt.com me for more information about listing your home as a short sale.

Linda Bassitt, P.A.
Lowell International Realty Group
Harbour Financial Center
2401 PGA Boulevard, Suite 196
Palm Beach Gardens, FL 33410
Direct Line: 561.313.6961 http://www.LindaBassitt.

Some banks will tell you that they won't consider a short sale unless you are behind on your payments, so ask.

No. I advise clients not to miss payments in order to maintain credit. There is a trequirement that the home be activly listed with a realtor however. You need to list with someone who knows the process. Make certain that you ask for proof of previous short sale closings in that persons name. Our payoff letters are addressed to us not an outside title company or attorney. Visit my website http://www.ges-realty.com and look for links for more guidance or call me directly at 561-306-6736.

No, the only pre-requisite for a "short sale" is that the current value of home is less than the mortgage principal. The bank will have to agree to take less than the amount owed to approve the sale.

As part of the approval process of the short sale, the bank may ask you to provide them with a hardship letter as to why you have to sell the home as opposed to renting it out and possibly taking a monthly loss You generally have to have a hardship in order for the bank feel that it would be better to work with you than risk having to go through the foreclosure process.

I have extensive experience in working on short sales on both the buyer and seller side of the transaction. I have a proven method of making the short sale transaction process run as smooth as possible for sellers. It is extremely important to have a realtor who knows not only how to effectively list and market a short sale, but also knows how to work with lenders to get the sale approved. If you are interested in discussing this further you can call me anytime at 954-778-5142.

Mark Doring
West Real Estate, Inc.