2. How to Request a Short Sale

If you are facing foreclosure and are considering selling your home as a short sale as an out, get in touch with a trusted real estate professional immediately. They will be able to assist you in the process of requesting to short sell your home.

1. Your real estate agent will most likely tell you that some banks will not allow a short sale to happen. Contact your lender’s loss mitigation department and speak with a supervisor. Explain your financial situation and ask if you qualify to sell your home as a short sale.
2. Ask the supervisor what documents you’ll need to proceed and make copies of those. (Depending on the lender this could be anything from bank statements, tax forms, pay stubs, etc.)
3. Ask your real estate agent to come up with a comparative market analysis report to show your lender how much the home is worth based on home sales in the area.
4. Write a letter of financial hardship detailing the reasons you are no longer able to make payments on your home.
5. When you’ve completed all the aforementioned necessary paperwork, compile it together and mail it to your lender’s loss mitigation department.
6. Pending your short sale application approval, request a deficiency release from the bank. The release absolves you of any obligation to pay the balance on the mortgage. If the bank refuses, continue to press the issue.

Real Estate Tips Selling Your Home >Plumbing Preparations The plumbing is one of your home's most mysterious systems. The pipes are hidden in the wall, and when you have a problem, you have to call in a plumber. Since plumbers' rates are hefty, prospective buyers are often frightened away by evidence of leaky pipes, ceiling stains below shower pans, or antiquated bathroom fixtures. If you are planning to sell your home, it is a good idea to solve your plumbing issues before you place it on the market. Take care of any cosmetic damage that leaks may have caused after the plumber has finished his work. Plumbing repairs are cost-effective, because most sales agreements call for all systems, including the plumbing, to be in working order. If you have a problem, you will probably have to repair it before the closing anyway, so by doing it ahead of time, you eliminate that issue. Plumbing that is in top condition will make your home appear to be well cared for and will make it more attractive to potential buyers. See All Tips In The "Selling Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories > Real Estate Trivia Q  What is one of the most common ways for making the interior of a home more appealing to buyers? A  Repainting walls with light, neutral colors makes it easier for a buyer to visualize how the home will look with their possessions. See More Real Estate Trivia >

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