If you are in default on your mortgage and want to short sale your home, the first step you may be inclined to take is to contact a realtor. Since short sales are not a standard real estate transaction, taking that first reaction first step may not be wise. In fact with a short sale situation, it could be disastrous.
Defaulting on a mortgage loan is a breach of contract. This will most likely bring legal action from your lender. Having a real estate attorney or an experienced short sale negotiator on your side can put you in a better position to get your lender to take a short sale offer. A short sale is a complex real estate transaction process and you want the people in your corner to be experienced and knowledgeable.
What you are looking for is an experienced short sale negotiator who will not only have experience with short sales but will provide an agreement in writing with you. A professional that knows how to push your file through a lender’s system and get the sale approved. You may hire a top notch realtor, but if they aren’t experienced in short sale negotiations you could be losing valuable time in selling your home or going into foreclosure.
Hiring a real estate attorney to parley your short sale can get expensive quick. In addition to upfront charges, they have hourly rates as well. Working a short sale may take hours to complete including being on hold with your lender for an hour on their clock. Short sale negotiators usually have a flat fee or percentage that they earn for handling a short sale negotiation and in some cases, they are paid by the mortgage lender when the sale proceeds.
A good part of getting your short sale proposal approved by your lender is the packaging. With proper follow through after the package has been presented, it can go to waste. There are companies that offer service to package your documents, making sure all of the required documents are included. Remember though a packaging company is not the same as a negotiation company. Don’t expect additional services when dealing with a packaging company or packaging attorney, these are totally different from a short sale negotiator and the services provided are just as different.
A professional short sale negotiator will know your lender’s requirement for qualification and this will keep you from wasting your time, allowing you to find another possible solution. An experienced negotiator will check your situation to make sure you qualify for a short sale process. Selling your home is serious business and when you are considering a short sale versus foreclosure, you can't afford to waste time or money.
I definitely agree. Quick selling your house is not as easy at it seems. There are several steps to make and realtors, lawyers and the lender should be consulted.
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