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Monday, January 31, 2011
Saturday, January 22, 2011
Selling your property as a Short Sale
Many of us in this market come the realization that our home that we have spent time effort and money on is no longer worth in the market what we paid or invested. A " short sale" is a financial sale of a property where the sale price is less than the mortgage value and the owner is coming up "short" on being able to make the transaction work.
At times a difficult decision must address our ability to afford our home or our need to relocate for work. We have worked with many individuals making these painful decisions on what to do next. Here are a few pointers to get started:
Contact your Lender- It is important to document and disclose your challenges to the owner of your mortgage. Many times a lender will allow you to "modify" your original terms and conditions to keep you in the property If you are attempting to stay current on your obligation, many lenders look at this favorably.
Ask for a Short Sale Package- If you are convinced that you need or want to sell the property. As for a package which will outline the documentation and requirements will place on you to sell your home.
Don't fall Prey to "Short Sale Negotiators"- Always evaluate the "paid for" advice you are receiving and the cost associated with having someone perform the the short sale paperwork for you. There are qualified individuals as well as many dishonest individuals to look out for.
List the Property at a Market price- The lenders will not consider your short sale package until you have an offer in hand. Don't wait if you have started the short sale process, get your home on the market with the expectation that the process doesn't really start until you have accepted an offer. Additionally the final sales price will be based upon the lenders assessment of value by a third party evaluation.
Short Sale Contingency- Remember that the final sale of the property is contingent upon you accepting the terms and conditions that the lender has outlined. The bank's offer to you needs to be inline with what you are willing to accept. The Short Sale Addendum reserves your right to reject the deal based upon the lenders terms and condition.
Contact Caryn or Steve if you have question. we will be happy to discuss how we can help as well as point you the resources that can assist you. A fair experience honest approach to a short sale will make this process much less painful.
Steve Armstrong, Realtor GRI
http://www.uniquetampahomes.com/
At times a difficult decision must address our ability to afford our home or our need to relocate for work. We have worked with many individuals making these painful decisions on what to do next. Here are a few pointers to get started:
Contact your Lender- It is important to document and disclose your challenges to the owner of your mortgage. Many times a lender will allow you to "modify" your original terms and conditions to keep you in the property If you are attempting to stay current on your obligation, many lenders look at this favorably.
Ask for a Short Sale Package- If you are convinced that you need or want to sell the property. As for a package which will outline the documentation and requirements will place on you to sell your home.
Don't fall Prey to "Short Sale Negotiators"- Always evaluate the "paid for" advice you are receiving and the cost associated with having someone perform the the short sale paperwork for you. There are qualified individuals as well as many dishonest individuals to look out for.
List the Property at a Market price- The lenders will not consider your short sale package until you have an offer in hand. Don't wait if you have started the short sale process, get your home on the market with the expectation that the process doesn't really start until you have accepted an offer. Additionally the final sales price will be based upon the lenders assessment of value by a third party evaluation.
Short Sale Contingency- Remember that the final sale of the property is contingent upon you accepting the terms and conditions that the lender has outlined. The bank's offer to you needs to be inline with what you are willing to accept. The Short Sale Addendum reserves your right to reject the deal based upon the lenders terms and condition.
Contact Caryn or Steve if you have question. we will be happy to discuss how we can help as well as point you the resources that can assist you. A fair experience honest approach to a short sale will make this process much less painful.
Steve Armstrong, Realtor GRI
http://www.uniquetampahomes.com/
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