Seller Short Sale Tips
Getting A Short Sale Approved
Agents in our office work with lenders to get short sales approved daily. Getting started on the right foot with the lender’s loss mitigation department is very important. I have learned that being prepared and maintaining our professionalism are critical to getting short sale approval.
The Lender Wants a Great File
We must impress the lender with a strong, complete and well organized file the first time. This will go a long way towards determining the lenders position on approving your file.
Lenders will not approve just any short sale, but do not want to acquire properties through foreclosure either. We want the lender to feel confident in approving your Short Sale, so we will map out an approval plan when we submit the file.
Appeal to the Human Inside
Loss mitigation is made up of living breathing human beings who will reviewyour short sale file. These people can’t help but be influenced by the difficult circumstances being faced by others. I will help you outline the events that caused you to fall behind on your mortgage so that the loss mitigation representative handling your file will look for ways to give us approval.
No Upfront Fees
To anyone! You do not need to pay professional service or consulting fees to get the help you need to resolve your delinquent loan.
California Civil Code Sections 2945-2945.11 states that the practice of offering consulting services to those with delinquent mortgages presents an opportunity for abuse and fraud. The State has enacted laws to govern these acts to protect you.
In most cases, you can work with your mortgage company to determine what options are available to resolve your delinquent mortgage. If the problem that led to your delinquency is temporary, you may want to explore the possibility of a Forbearance or loan modification agreement with your mortgage holder.
If you feel that you need guidance, contact me. I do not charge consulting fees and will give you the help you need. It is possible that your situation involves legal issues.In that case, you should consult a real estate attorney.
Keep Your Home
Do you want to keep your home? You may be able to! If the problems that led to your delinquency have been corrected, you may consider forbearance.
Forbearance
If you can show your lender that you are back on your feet financially, it’s very likely your lender will work with you. They are in the loan business not real estate. A Forbearance Agreement or Loan Modification is a document that outlines, in detail, a new payment schedule that allows you time to pay back the delinquent amount and stay in your home.
Click here to receive a FREE copy of our Guide To Negotiating a Forbearance Agreement. This is a step-by-step guide on how to work successfully with your lender to keep your home.
Good Luck
Seek Professional Representation
A short sale approval by the lender is a multi-step process that requires patience and persistence. If you decide that a short sale is the best answer for your situation, have a qualified professional represent you.
Never allow a buyer to work directly with your lender!
In order to get a short sale approved your mortgage holder will require that you provide a great deal of personal financial information and documentation. You don’t what the buyer discussing the details of your financial situation with your mortgage holder and you have absolutely no control over what they might tell your lender.
The buyer is interested in only getting the best deal possible. Negotiations with your lender could be unnecessarily drawn out to the point that you would not be left with time to avoid foreclosure if escrow does not close.
Professional Representation is FREE
Since the lender pays the real estate commision, my service is FREE to you. In effect, the lender pays the real estate commission, along with most all other sales costs, so the short sale file can be handled by a professional.
The lender knows that it is in their best interest and yours to the have short sale file put together by a professional who is neutral.