What are Short Sales?
A Short sale is started at a time when the owner of a property, with a hardship, decides they would rather have the bank approve them selling their home for less than what they owe than experiencing a foreclosure. This differ’s from not paying a mortgage and allowing the property to go to Foreclosure or Auction. Short Sales do a better job at protecting the “seller”. Schedule an appointment with us to find out more about the “protective nature” of Short Sales.
Rough waters ahead
Navigating the short sale process can be a daunting process to say the least, luckily these days there are many real estate professionals that can help. A CDPE is a certified distressed property expert, one who has been through an education process and gained real life experience with regards to buying and selling distressed properties. A short sale is a great way to sell your home while avoiding foreclosure. However, this process is neither easy nor quick.
Patience is a virtue and reminding yourself of this on a daily basis is key if you are going to make it through a short sale transaction. While you may get your paperwork to the lender in a timely manner, the length of time that it takes a lender to follow through can be long and slow. Of course this will be followed by more paperwork too!
About the hardship letter
One important piece of the short sale puzzle is the hardship letter. There is no prototype here, no legal definition of what the letter should contain. Clearly to be accepted for a short sale you need to show why you are in this position and why your hardship deserves consideration. Some situations that fall under the hardship category include: job loss, divorce, death of an immediate family member, too much debt, high medical bills, and so on.
A short sale transaction is an experience, one which is made easier with professional help. Stay the course and a successful short sale can help you avoid foreclosure and ease your burden in the long run.