Selling Your Home when it will be a Short Sale-
Where do You Start?
Selling your home when it will be a short sale can be an unsettling feeling if you are not guided properly. I am asked this question as a North Kingstown short sale agent via email or phone calls a couple of times a week so I thought I would share
some basic steps to take to move forward and start the short sale process. As potential sellers it is important to have your financial information in order so you are ready to go when you speak with a short sale agent. GOOGLE short sale real estate agents in your area and talk to them about your financial circumstances with your home.
Be prepared to address how much you owe on your mortgage (is it one or two loans?), who the banks are that hold your mortgage, what is your hardship(s), do you have a hardship and be in the frame of mind that you (both of you if married or going through divorce) are committed to the short sale process.
Meet with the right short sale agent to get a current market analysis on your home. If your home is worth less than what you owe on your mortgage, you are considered to be underwater on your home. Next, interview the agent to ensure they have the experience level and the legal team to know and successfully complete the process of a short sale. You want a short sale agent that is going to:
1) price the home to sell (below market value)
2) market the home to the fullest extent with all the positive attributes your home has going for it (internet, video, slide shows, virtual tours, etc.)
3) motivate you to have your short sale paperwork ready to go and submitted to the bank before the house is even on the market
4) respond to buyers immediately to show your property in order to get a purchase and sales agreement together to submit to the bank
A responsible real estate agent will want to look at all your financial information, house value and your hardship situation before giving you the right assessment. Your bank will benefit more from a short sale than a foreclosure but your short sale agent will need to show that to the Bank. The process can take as little as 1 month (it does happen) to 3+months (on average) to receive a short sale approval letter with a waiver of deficiency letter. This is part of the RI real estate landscape.
As a North Kingstown sales agent, I have an extensive real estate network of experienced short sale agents throughout the country that can assist you in the short sale process in any state. As well if you need help with a RI property, please contact me, Ginny Lacey Gorman at 401.529.7849.
The right first step to start this process is making contact with a knowledgeable agent and their team that can work with you and for you.
Selling Your Home when it is a Short Sale – Where do you Start?
Ginny Lacey Gorman is a North Kingstown Real Estate agent who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well.
Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs.
As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI Real Estate Agent who sells homes in this real estate market, call Ginny today at 401.529.7849.