Paradise CA Short Sales Aren’t Difficult - 5 Ways To Make Sure You Get Your Short Sale Approved
It seems that everyone knows someone who is facing losing their home to foreclosure. It can also be said that if you know somebody in foreclosure, the chances are someone has told them that a short sale is the strategy to unlock the foreclosure prison.
While short sales can save many homes from a foreclosure auction, it is a very complicated process and one that should not be taken lightly by the person who is not educated about short sales.
If you are a homeowner who is facing foreclosure, a short sale might be for you. However you will need to be open, honest, diligent, cooperative and understand that the 5 tips listed below are crucial to your short sale being successful:
1. While you may be able in some occasions to convince a bank to work with you, the prudent homeowner knows that they are not an expert and should let the expert in the market handle the short sale. Whether an experienced real estate agent, title processor or attorney, make sure the person facilitating your short sale really is knowledgeable in regards to the short sale process.
2. Make sure you stay actively involved and you cooperate fully with the timely submission of forms and other paperwork as may be required by the lender. This includes that you, not your agent or advisor, but YOU write a concise and informative Hardship Letter. Having someone else write your hardship letter may be the reason that your short sale package will be turned down.
3. Make sure you know what is expected of you. The bank is going to want a comprehensive short sale package and that more than likely includes a full financial forensic picture complete with bank accounts, tax returns and more. Your omission to give the bank this information may get your short sale request rejected.
4. The bank made a loan to you and they have the right to collect. You have the responsibility to disclose your assets and to liquidate them to reduce what you owe them. You can’t expect to take less while you are cruising around town in your new BMW. That’s just not right. You must be ready to demonstrate a reason you are unable to pay them back.
5. Make sure you don’t procrastinate until it’s too late before you request a short sale. Most homeowners don’t do anything or simply wait too long to act. No real estate agent or attorney is a magician. They need time to make the short sale work. If you want to save yourself from enduring a foreclosure on your home then you must act in a timely fashion.
Short sales can take as long as 6 months to get accepted. These are just 5 simple strategies you can implement to give your short sale request the best chance for approval. This is not an easy process for lender or homeowner and your ongoing cooperation can mean the difference between a successful short sale or your home being sold at the Courthouse steps.
I can help you short sale your home. Let’s talk 530-413-8383
