How to Improve Short Sales
Real estate agents will help you expedite the short sale process. Short sales are defined as transactions in which a mortgage lender agrees to accept a payoff less than the amount due on the loan. This process can be very tedious and stressful for a homeowner. However, real estate agents can relieve the stress that accompanies short sales. These professionals assist their clients with handling paperwork in addition to informing them about the short sale process.
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Instructions
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Hire an experienced real estate agent. Go to his company's website to find out more about the individual. Learn about the agent's sales background and the company he works for. Set up a face-to-face interview before you go any further. Make sure that he is knowledgeable in the area of short sales.
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Contact your lender. Notify the lender that you are hiring a professional to handle the short sale process. Inquire about what documents are needed. For example, an authorization letter must be sent to the lender before your agent can receive any information regarding your account. Authorization must be signed by the owner of the property.
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Stay in contact with your real estate agent. Make sure all the necessary documents are complete and in place. Hardship letters, listing agreements and any other paperwork must be in order. The agent will do the legwork by preparing the documents that will be sent to the lender. Communication between you and your agent is important.
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Submit the short sale package by fax or email. Follow up with your agent to make sure she has sent the package. The lender usually provides confirmation of receipt in three to five business days, though the approval may take up to two months or longer. However, this is dependent on the lender and the number of short sales being processed.
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