Selling your home in a short sale is a common alternative to avoid foreclosure when you owe more money on your home than what itís worth. People can find themselves behind on mortgage payments for several reasons involving financial hardship, and short sales can be a great way to get out from under your payments. The whole process can be a bit overwhelming, but if you know you are leaning towards a short sale and arenít sure where to start – start by reading these tips.
Know How Much You Owe
When you start this process, it is imperative that you know the total balance of any and all mortgages or liens you have on the property. Your mortgage lender has a share in your home and they need to approve the short sale. If your mortgages are with the same lender, it will only require their approval. However, if you have two separate lenders for different mortgages, it will require unanimous approval. Upon agreement, the lender will set the amount they are willing to let the home sell for (as they will be losing money on the payout).
Have The Proper Documentation
Since the lender is not at all required to agree to your request for a short sale, it is smart to put together a proposal detailing why a short sale is the best option for both parties. You should gather all of your relevant financial documents, with an accompanying letter expressing the reason for your financial hardship and your short sale request. The more evidence you have in your favor, the better. If your lender requests specific information, be ready to submit it as soon as possible to avoid delaying the process further.
Hire Professional Help
If you are unsure about how to put the above package together or how to market your residential property for short sale, hire a professional who has experience with similar cases and can walk you through the process. If you find a real estate agent that specializes in short sales, youíll need to hire him as well as a real estate attorney and tax consultant. With that option, the negotiating process can be time consuming and potentially costly. In a short sale scenario, you should expect several requests and demands. If you choose to hire professional help with The Team Edge, we will work with your lender immediately to reach the best possible outcome for the sale of your property – resulting in a fast, fair offer on your property in any condition.
Ready to Sell Your Property Fast With The Team Edge?
If you want a fast, fair offer on your property in Maryland, The Team Edge is dedicated to providing you with the best possible selling experience. Call our 24/7 hotline today at 443-840-7100 or fill out our quick and easy online application to get started on selling your Maryland property immediately. No matter the condition of the property, The Team Edge is here with a fair price and fast service. Thatís right. Sell your house quick!
Call or contact us online to experience The Team Edge Difference today.