Selling Your Home when it will be a Short Sale- Where do You Start?
I am asked this question as a North Kingstown short sale agentvia 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 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 short sale agent to get a current market analysis on your home. Your home must be worth less than what you owe on your mortgage to be underwater on your home to be a short sale here. Interview the short sale agent to ensure they have the experience level and the legal team to know and successfully complete the inner process of a short sale. You want a team of short sale agents that are going to:
1) price the home to sell (at least 5% below market value)
2) market the home to the fullest extent with all the positive attributes your home has for it (internet, video, slide shows, virtual tours)
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 North Kingstown short sale agent will want to look at all the 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 prove that to the Bank. The process can take as little as 1 month (it does happen) to 4 months ( on average) to receive a short sale approval letter.
As a North Kingstown short sale 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. If you need help within RI, please contact me, Ginny Lacey Gorman at 401.529.7849.
The right first step to start this process is making contact with a knowledgeable short sale 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 your go to North Kingstown Realtor® for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well. As a North Kingstown short sale agent, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully. Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard. So feel free to search for RI Homes for Sale. When you are in need of a good professional for your buying and selling needs and an internet savvy Realtor® who sells RI houses in this real estate market - call Ginny at 401.529.7849.