Prevent Foreclosure, Sell Your Home by a Short Sale

 A short sale refers to the sale of property in lieu of the outstanding obligations which are greater than the amount at which the property is being sold. To put it simply, if a person takes a loan to buy a home, he needs to pay the installments diligently. But if due to some unforeseeable reason(s) they are unable to do so and the value of the property held is below the outstanding amount, the lender can accept the offer of a short sale and recover his dues. Many times using the short sale method is a way to avoid foreclosure and still be able to pay off the loan completely through settlement with the lender.

 The selling of a home by a short sale needs these simple guidelines to be followed. These are as follows:

 1. Value of the Property: the first step in putting up your home for short sale requires the value of your home to be assessed by a real estate professional. They will provide you with the current market value of your home or what is known as a CMA. This will give a good starting point for an asking price and the bank will have an idea of what the property is now currently worth. This is a very stressful experience for most and the use of a real estate professional is highly recommended.

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2. Contact the Lender: this is the most crucial step. In today’s market most lenders will accept the offer of a short sale. You need an experienced agent/broker who can negotiate these items, on your behalf, with your lender(s). Most lenders will agree to a short sale and will then write off the remaining loan amount not collected. After this has been done, you will have no further contact with the lender as your qualified agent/broker will handle everything with the lender.

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3. The Final Steps: Now the property is listed for sale, the buyers will start coming through to view your property. If your property is priced correctly per its condition, location and age you should soon have a qualified offer. Your agent will then present this offer to the bank. Once the lender accepts the offer a closing date will be made. After the closing you will have no financial obligation to the property and you can continue on with your life without the stress and frustration that you have had over these past months.

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By following these preceding steps one can easily sell their home via a short sale. However distressing it may seem, a short sale can be advantageous for the homeowner as this will save them from a foreclosure which is what we are trying to prevent. Also it reduces the stress of finding financial solutions to an otherwise bleak situation. Just remember, you are not alone in this and a qualified real estate professional can help you in your hour of need.