How to Do a Short Sell

If you find yourself owing more on your home than you can get by selling it, the only way to sell it is through a short sale. Look at the following information to get ideas on exactly how you can accomplish a short sale.

Difficulty: Challenging

Instructions

1. Make sure all parties involved know the situation. The only way you can short sell your home is for everything to be out in the open. Everyone needs to know what is happening.

2. Put all of the calculations into a spreadsheet file. Show the debt owed to everyone who has a lien on the home. Present your own financial information in order to prove why you are in hardship.

3. Discuss the data with all of the lenders and let them know that the only way for you to avoid foreclosure is to short-sell the home.

4. Know up front that not everyone will care whether you avoid foreclosure. The ordinary frame of mind held by many lenders is, "you got yourself into this predicament, so you can get yourself out."

5. Bring a representative from your title company into the mix. This legal company will allay any fears that the original lender may have. They want to be sure that they will receive at least part of the amount owed.

6. Assure the lender of the property that all of the money from the short sale will go to them.

Tips & Warnings

• If you can get real estate agents and title companies to reduce their fees, the original lender will be more in favor of a short sale. They will see that they are not the only ones taking a loss.

[sarahsoldit]

on 5/27/2009 Avoid foreclosure! Free Initial Consultation for homeowners in Northern California. The Becker and Steidlmayer Real Estate team has the necessary expertise to help you get out from under your home loan without going through the financial trauma of a foreclosure. Contact us today at [e-mail] or visit our website at http://www.topspaces.com