Get Help Selling Your Home With a Short Sale

If you are trying to avoid foreclosure and have been unable to sell your home, a short sale may be an option. A short sale involves your lender agreeing to let you sell the property for less than you owe on the mortgage loan. This can be a complex process, but it can save you from having to file for bankruptcy. How to Do a Short Sale on My Home?

Get Help Selling Your Home with a Short Sale: Everything You Need to Know

The first step is to determine if you qualify for a short sale. Contact a lender and speak with a decision-maker, rather than a customer service representative. Explain that you have been unable to sell your home and can no longer afford the monthly payments. Provide evidence of financial trouble, such as medical bills, pay stubs, termination notices from previous employers, or divorce decrees. Lenders are more likely to consider a short sale if the problem is new and was not a factor in your original mortgage application.

Once you have determined if you are eligible for a short sale, hire a real estate agent who is familiar with the process. A real estate professional who is knowledgeable about short sales can list your home in the Multiple Listing Service (MLS) database and negotiate with potential buyers. Once an offer is received, it must be sent to your lender for approval. Once the offer is approved, the sale can proceed through escrow in the normal way. Be aware that you will still owe the lender any difference between the purchase price and the amount you owe on the mortgage loan.

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