Short Sales

A short sale occurs when a seller asks the lender to forgive debt on a house that is sold for less than is owed. Getting a short sale to go through requires a very tenacious real estate agent, buyer and seller. There are many obstacles to overcome and many levels of bureucracy to endure. Short sales are not to be taken lightly. The only seller who should consider doing a short sale is someone who is in a MUST SALE situation. A short sale is a last resort.

To get a short sale approved you need to put together a “short sale package”. First you must have purchase and sale agreement. Next add a hardship letter, describing your dire situation - the sadder the better. You may also add any financial statements, medical bills etc. Once you submit a short sale package it can take weeks to get it approved. Dilligent follow-up is a must. It’s important to choose an agent who is experienced with short sales, understands the behind the scenes and can motivate everyone involved in the sale.

In this type of market, if your considering a short sale, find some one who has been through the process and understands the short sale.

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