The Process Of Selling A House Through A Short Sale

The Process Of Selling A House Through A Short Sale

In these tough economic times, more and more homeowners are turning to short sales as a way of selling their homes. It may seem like an easy solution at first glance, but a short sale is not without its challenges. In order to do it right, you need the right guidance from the start. Go here to learn more.

Step 1: Talk with your lender

The first step in the process of selling a house through a short sale is to talk with your lender. Most lenders have programs and approaches of their own that can help you get your situation resolved and hopefully get you into a new home quickly. Your lender can provide you information about other options besides foreclosure.

Step 2: Evaluate the situation

The good thing is that you are not alone in this situation. There are a number of organizations out there that can guide you through the process so you can make the best decision for your situation. They can also help you assess what your options are from a short sale point of view.

Step 3: Determine what needs to be done

Now it is time to decide what needs to be done to get your house sold. Keeping the house in good condition and making sure it is attractive to buyers is a must. The more potential buyers into your home, the better chance you have of getting out of your current situation. You also want to make sure any bad debt or liens are cleared so that there are no problems with the sale.

Step 3: Create a marketing plan

If you have decided the short sale is the best way to go, you need to create a marketing plan that will help increase your chances of moving on. The first thing you need to do is take a close look at what your current condition and market conditions are like. In order to get ready for the sale, make sure there are no major repairs that would be too much work for potential buyers. Contact your lender and let them know that you are looking at doing a short sale. In order to get your lender’s cooperation, you need to be completely honest with them about your situation.

Step 4: Determine the terms of the short sale

Part of the process of selling a house through a short sale is determining the terms of the short sale. The lender will tell you what they are looking for and what they consider to be reasonable and unreasonable offers. They may also ask that you give them a list of buyers you are thinking about working with, or just accept any offer that does not require a credit check.

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