How do you begin negotiating a short sale?

short sale helpHow do you begin negotiating a short sale?

If you have missed your mortgage payments or are at risk of doing so, you need to start talking to your bank and a real estate professional immediately. The bank will have a Loss Mitigation Department (or something similar) that you can contact to ask about your options.

At first, you should keep in constant communication with the bank. Each bank is different so it’s good to have an understanding of their procedures, and establish how willing they are to work with you. It’s very important to find out up-front what options are available to you.

Don’t delay! Foreclosure is a ticking clock. Find out exactly how much time you have and stick to the schedule. Let the bank and your real estate professional know about any changes as soon as possible.

The first step is to find a qualified Short Sale Expert that can help you communicate with the lender and obtain short sale approval. The Real Estate Agent you choose to hire should specialize in short sales and have the ability to navigate you through the treacherous waters.

The second step is finding a qualified buyer for your property. The Real Estate Agent you choose will assist you in finding a buyer. However, you need to make sure you have valued, prepared and marketed the property correctly so you can get the best price possible.

Remember, that price is going to be less than the value of your mortgage (hence the short sale).

You then need to prepare a financial (or short sale) package to submit to your lending bank. Each bank has its own guidelines, but the basic process is similar.

You may ask, “What’s in a short sale package?”
A short sale package may include:

1. Letter of authorization allowing your agent to speak to the bank
2. Your “Hardship Letter” where you describe why you have financial hardship
3. Completed financial statement
4. 2 or more months of your bank statements
5. 2 or more years of your tax returns
6. 2 or more years of your W-2 forms
7. Repair estimates for the property
8. Comparable sales estimates for similar properties in your area
9. Supporting “hardship” documents e.g. medical and / or legal statements
10. All required paperwork and forms completed (these vary by bank, but are all essential)

Don’t forget the need to discuss your situation with a certified accountant to find out the tax implications of your short sale. You may be taxed on the amount of debt the bank writes off. For example if you get $50,000 taken off your old mortgage, the IRS may regard that as taxable income (which means you have to pay taxes on money you never even see). A tax professional who understands short sales can help you avoid costly tax burdens that can happen after the sale.

You may also need to talk to a lawyer to determine all the liens (legal claims) on your property such as second mortgages, special assessments or anything else (legally speaking) that needs to be removed before closing the sale. It may also be a good idea to have a lawyer review your short sale deal before finalizing it.

You can also call us now for a free consultation with no obligation.

We will take care of all these issues for you (such as dealing with the banks and recommending lawyers and accountants as needed).

We are San Diego’s Most Trusted Short Sale team! With over 1500 short sale approvals, we can assist you in selling your home in less time and no stress! Call us today 888-746-7820

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925 B Street Suite 102
San Diego CA, 92101
Phone: (888) 746-7820
Fax: (888) 597-2040

Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820