2. How to Request a Short Sale
If you are facing foreclosure and are considering selling your home as a short sale as an out, get in touch with a trusted real estate professional immediately. They will be able to assist you in the process of requesting to short sell your home.
- Your real estate agent will most likely tell you that some banks will not allow a short sale to happen. Contact your lender’s loss mitigation department and speak with a supervisor. Explain your financial situation and ask if you qualify to sell your home as a short sale.
- Ask the supervisor what documents you’ll need to proceed and make copies of those. (Depending on the lender this could be anything from bank statements, tax forms, pay stubs, etc.)
- Ask your real estate agent to come up with a comparative market analysis report to show your lender how much the home is worth based on home sales in the area.
- Write a letter of financial hardship detailing the reasons you are no longer able to make payments on your home.
- When you’ve completed all the aforementioned necessary paperwork, compile it together and mail it to your lender’s loss mitigation department.
- Pending your short sale application approval, request a deficiency release from the bank. The release absolves you of any obligation to pay the balance on the mortgage. If the bank refuses, continue to press the issue.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We are happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Upon completion this year, what will be the tallest residential building south of New York and east of Chicago?
Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria.
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