Get the free SHOULD I SHORT SALE - Cedros Homes

“. As we have been advocating for years... Short Sales are now the preferred solution to solve this housing crisis. Tim and Julie Harris, Founders of Harris Real Estate University. SHOULD I SHORT

How to fill out should i short sale

How to Fill Out Should I Short Sale:

1. Assess the current financial situation: Gather all relevant financial documents such as bank statements, mortgage statements, tax returns, and income documentation. Calculate your monthly income and expenses to understand if you can afford to continue making mortgage payments.
2. Consider the reason for considering a short sale: Determine why you are considering a short sale. It might be due to a significant decrease in property value, an inability to keep up with mortgage payments, or other financial hardships. Understanding the reason will help you navigate the process better.
3. Consult with a real estate agent or attorney: Seek professional advice from a qualified real estate agent or an attorney experienced in short sales. They can guide you through the process, provide expert insights, and ensure you are taking the necessary steps correctly.
4. Contact your mortgage lender: Notify your lender about your intent to pursue a short sale. They will provide you with specific instructions and requirements for initiating the process. Be prepared to provide financial and hardship documentation as requested by the lender.
5. Prepare a short sale package: Compile a comprehensive short sale package that includes all the necessary documents, such as financial statements, hardship letter, income documentation, bank statements, and tax returns. Ensure that the package is complete and organized to facilitate a smoother process.
6. Submit the short sale package to your lender: Follow the lender's instructions on how to submit the short sale package. Be diligent and timely in providing any additional information or documentation requested by the lender.
7. Market the property for sale: Collaborate with your real estate agent to list and market the property for sale. It is important to attract potential buyers to increase the likelihood of a successful short sale. Make sure the property is appropriately priced for the local market.
8. Review and negotiate offers: Once offers start coming in, review them carefully with your real estate agent. Consider factors like the offer amount, buyer qualifications, and any contingencies. Your agent can help you negotiate with potential buyers to get the most favorable outcome.
9. Obtain lender approval: After accepting an offer, it is essential to obtain lender approval. The lender will review the buyer's offer, assess the property's value, and make a decision on whether to approve the short sale. This process may take time, so be patient and responsive to any additional information or documentation requested.
10. Close the short sale: Once the lender approves the short sale, work with your real estate agent, attorney, and the buyer's agent to complete the necessary paperwork and finalize the sale. Be prepared for potential negotiations or modifications during this phase.

Who Needs Should I Short Sale:

1. Homeowners facing financial hardships: Individuals who are experiencing financial difficulties and are unable to keep up with their mortgage payments may consider a short sale as an option. This could be due to job loss, divorce, medical expenses, or other unforeseen circumstances.
2. Homeowners with negative equity: If the outstanding mortgage balance on a property is higher than its current market value, homeowners may find themselves "underwater" or having negative equity. In such cases, short selling the property might be a viable solution to avoid foreclosure.
3. Homeowners relocating or downsizing: Some homeowners may need to move due to job transfers, downsizing needs, or other personal reasons. If selling the property traditionally is not feasible, a short sale can help expedite the process and minimize the financial impact.

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