â€¢HOA, Property Taxes and other pertinent outlays associated with the property.
â€¢Copy of Mortgage statements, liens or other monies owned on the house.
â€¢Put out the word. Let everyone know you need to sell the home â€“ fast. Use works like â€˜motivated sellerâ€™ or â€œdistressed homeownerâ€ to indicate a willingness to work with buyers able to provide a fast closing.Contact the lender to let them know your situation. Perform maintenance and upkeep as you are able. If finances are an issue, try to make the property appear as attractive and well maintained as possible.
â€¢Create a list of what you need the most from this deal. For example, if you need a fast closing avoid bankruptcy then say-so when speaking with the agent or potential short sale buyers. If you need a new place to live or rent after closing then mention that as well. Often these items can become part of the negotiation process to help make the deal work.
â€¢Identify personal property prior to accepting a final offer. If you intend to take the appliances be sure to specify this in advance. Likewise, itâ€™s important to bring all items that will remain with the home (good and bad) as well as be removed from the home prior to entertaining offers.
â€¢Make a folder of all contact information and paperwork. Keep it accessible when speaking with real estate agents or potential buyers. Remember, everything must be in writing and never sign something you donâ€™t fully understand.
â€¢Avoid entertaining multiple offers all at once. While this might seem like a good way to increase the odds of a successful sale, it often creates unnecessary delays that could result in your losing the home or growing farther into debt. Instead, ask to see proof of financing or other indication of a quick closing.
â€¢Keep it realistic. Even the most reputable short sale offer is likely to be somewhat slow given the large number of sales currently going through the system. A lot of sellers are searching for solid short sale offers so increase your odds by responding quickly to all inquiries and remaining patient throughout the process.
â€¢Start Early. The sooner you start the better the odds of sellinf your home before it becomes critical or urgent.
I'd be happy to take a look at your situation. I generally am pretty selective about whether or not I will take a short sale listing. I would need to look at the particulars and then I'll be honest with you and your dad about whether or not it can be done in the first place. Not every seller qualifies.
I then give them to my short sale negotiator. She specializes in negotiating and dealing with the banks. A full time Realtor is likely not going to have the time or expertise that is required to manage the negotiations with the bank. She knows the ins and outs, which banks want what, and how to get them through. She takes no fee up front and does volumes of these so I trust her a great deal.
Short sales aren't for the faint of heart. It will take a good amount of time and not all of them will successfully close. A lot of it will have to do with the situation and the lienholders.
Take a look at my website. It will give you a sense of who I am. I wish you and your dad all the best.
Finding a real estate agent that is in your father's best interest is easier. Once your father hires them to sell his house, any agent you find has a fiduciary responsibility to do what is best for your father.
That is a tough situation to be in and I hope you find a good person to help your father out. One thing you may try doing is contacting the banks in the area and other lenders and ask them who has done short sale work for them. Just remember that at that point, you may get the answer that they bank wants you to hear.