Quick tips to a successful Short Sale

There are a few things that a seller must do prior to a attempting a short sale.

 1] Pick an experienced Short Sale Realtor. [Ask……How many have you been successful at closing during the last 12 month’s?] I brought on a new member of my team 5 years ago named Jill Dean. Short Sales are her exclusive field of endeavor. In 2011 she lead our 100+ Realtor office in successful closings with Short Sale clients. She has developed relationships with the banks contacts, deep into the banks staff, to cut thru the red tape process. Under no circumstances should you consider trying to accomplish a Short Sale yourself!

Please make a note that if you have a joint account with another person in the same bank as the one that holds the mortgage, you should have them removed or move the account altogether to a new bank.

2] Your “hardship letter”. Pay attention to this one! Your Realtor will help you prepare it. You must have a convincing reason why you can’t make those mortgage payments any longer. It is critical that this be well written. with a plausible reason.  That letter will accompany any contract to sell your home to the lender. It will be reviewed by several set of eyes within the bank. Make it strong!

 Here are some of the best reasons to use in your letter:

A] Medical hardship issues within your family, that resulted in your loss of part/all income.

B] Loss of employment and income with you or your spouse, with little hopes of re-employment in your same career field. 

C] Your employer has shut down and you don’t see any immediate re-employment in your field or trade in your same area.

D] Dramatic reduction in your current income, but are still employed. 

3] Learn patience. The entire process from start to finish will take month’s to possibly a full year to complete. Ask for updates on your file every 15 days from your Realtor. Be sure to keep those missed mortgage payments in a jar buried in the back yard……you will need it for rent payments down the road.

If you don’t have a qualifying and honest reason why you can’t continue with the mortgage………your only option is to walk away, and let the foreclosure process begin, or file for Chapter-7 bankruptcy protection. Simply telling your lender that the current value of the home is less than what you owe, and want to Short Sale the property, will only produce a laugh on the other end of the phone, if your lucky enough to get to speak to a live person!.

If you are in the Cape Coral/Fort Myers metro area, and want more information and a free consultation phone call conversation, on your particular situation, call Jill Dean in my office at 239-443-1571 or if out of the area, no problem, just call 1-800-741-1101 and ask for me or Jill at x257.

Hope this information helps in your planning stages of the process, or if your tired of your current Realtor’s efforts and want to get on a fast track for a closing………call us!.

By |2012-11-12T17:43:06+00:00March 10th, 2012|Cape Coral, Fort Myers, News, Other, Real Estate|0 Comments

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