Home Selling in 32465>Question Details

valerie pitts, Home Buyer in Wewahitchka, FL

We needto do a short sale how would we start ? and will this sale a home quick or not?

Asked by valerie pitts, Wewahitchka, FL Mon Feb 22, 2010

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5
Great answers below! The main thing you need to do is to talk with your lender. If your situation has changed and you are no longer able to make your payments, then you'll need to explain how this happened.

Know that the lender is going to examine your original loan application to check for loan fraud.

Good luck.
0 votes Thank Flag Link Tue Feb 23, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Leslie,

1) Talk to a local realtor and demand to see proof from them that they have really closed short sales for their clients. Without proof, find another realtor.

2) Depends on the answer to number one.
0 votes Thank Flag Link Mon Feb 22, 2010
You will first need to notify your lender that you will need to enter into a short sale. They will need proof that you are in distress with the proper documentation. Once a short sale has been initiated the lender will be making the final decissions on all the transactions. Usually short sales attract buyers because they see a possible deal. The process will generally take between 3-6 months to close. Buyers need to know that up front. Most buyers are willing to wait out the process if they are told at the start what to expect. Wanda Warren @Century 21 Lund Realty. Morton, Wa.
Web Reference: http://www.wandawarren.net
0 votes Thank Flag Link Mon Feb 22, 2010
I would recommend you talk with an agent that is experienced in Short Sales. You will have to contact your lender and request a Short Sale packet to get the ball rolling.

It is very unlikely that this will result in a quick sale. A lot depends on your financial situation and the bank(s) that you are dealing with. A Short Sale is seldom "short".
0 votes Thank Flag Link Mon Feb 22, 2010
You need to prove hardship to lender first--Contact a few realty offices, interview a couple of agents and choose the one you like best--short sales are by no means fast sales--pricing and marketing will be paramount--review recently closed similar properties in the immediate area, factor in repairs, extensive or cosmetic and determine a listing price. You can accept whatever offer you are comfortable with, but the lender(s) is the one who will decide to accept, reject or counter offer. A good agent will best be your guide. All the best to you.
0 votes Thank Flag Link Mon Feb 22, 2010
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