How to Work Out a Short Sale
Short sales are becoming more and more frequent in the current housing market, especially with the adjustable rate mortgages of 2007 increasing to their higher rates. As short sales become more common, the process of going through one becomes more manageable. Investors and real estate professionals are becoming better at dealing with this alternative to foreclosure. Short sales essentially involve the house being sold for less than what is owed on the mortgage and involve selling the loan to investors, which can take time to be approved. Avoid making the following mistakes when undergoing your short sale:
1. Don't use the wrong pricing strategy. Make the best attempt to sell the house at market value, and then lower it until you find a buyer.
2. Don't have an insufficient document file. Make sure all of your papers are in place so that the bank has everything it requires to complete your sale.
3. Don't waste time. The best way to bypass foreclosure is to get an offer before it is too late.
4. Don't throw out a low price. These will be discarded as the bank will try to sell for as close to market value as possible.
5. Don't undersell your situation; prove that a short sale is the best option for you by meeting these three criteria: documented financial hardship, proof that you cannot make your monthly payment, and insolvency (proof that you cannot make up what you still owe).
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