Considering a Short Sale Might be the Best Move You Could Make

Have you considered a short sale yet? For those distressed homeowners no longer able to handle the monthly payments needed to keep their mortgage current, it’s important to know that foreclosure isn’t the only option. Though loan modifications are a popular option for dealing with a distressed property, a short sale is often the best solution, even if you owe more than your home is worth.

A short sale is when a homeowner asks the lender to accept less money than is owed on the property. Of course it is easy to think, “Why would a lender do this,” and dismiss the idea, but it isn’t as though the lender is operating from a position of charity. Lenders do short sales all the time, and it is often in their best interest.

I’m a realtor in Westchester County, NY and I’ve seen lenders to consistently agree to short sales. Sometimes accepting less from a homeowner with a distressed property who owes more than the home is worth is, by far, the lender’s best option. Of course, for the homeowner to be granted a short sale, they must first qualify.

Just so you’re prepared, know that the process of a short sale is not always a pleasant experience. This is especially true if you attempt to go through it on your own. Hiring a knowledgeable real estate agent is the best course. They are familiar with all the rules and regulations and will be able to guide you through the complicated factors that surround the transaction.

You must first assemble a “short sale file” with all pertinent information. This includes a contact letter informing the lender of your intentions; a letter of hardship, detailing your situation;a letter of authorization for each lien holder; proof of income and assets; a Preliminary Hud1 Statement; a CMA (comparative market analysis); purchase and listing agreement. The short sale file must be submitted in full with nothing missing.

If real estate is not your profession, putting the short sale package together can prove altogether daunting. Truth be told, it can also be overwhelming for a realtor. Fortunately for me, I’ve been a successful realtor in Westchester County, NY for a number of years. I’ve helped countless clients deal with the many challenges of short sales. I know the creativity needed to get the best deal for my clients.

Short sales aren’t for the weak of heart. You need an advocate in your corner who is willing to go as many rounds as needed to get you what you need. Call me today. I’m ready to help.

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