Asked by Deede Wockenfuss, Chandler, AZ • Wed Feb 4, 2009
A 'Short Sale' is when you are 'upside-down' on your home (you owe $200,000, but the property will only sell for $150,000). If you can no longer afford the current monthly payments, or have to move out of the area and HAVE to sell, your Realtor will help you obtain an approval from your lender to accept market value for the home, even if it is for less than you owe. It is a lengthy and frustrating process, but if you contact a Realtor who specializes in helping homeowners in this situation, you will have a much better chance of being successful. You will need to provide all of the information requested by your lender in a Short Sale Packet. Once you have put this packet together, your Realtor will take it from there and negotiate in your behalf. Your home will be placed on the market for current market value. When an offer comes in, you as the seller, will accept it, and your Realtor will forward it to your lender for review and approval.
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