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3. How to Prepare for a Short Sale
If a homeowner is facing foreclosure and wishes to explore short selling their home as an alternative, it is crucial to get help from a trusted real estate agent. With the agent’s help, this is how the homeowner will prepare to short sell their home:
- Agreement. The homeowner must get the lender to agree to sell the home at a loss.
- Documentation. If the lender agrees to a short sale, the homeowner will need to provide documentation to the lender indicating that he or she is financially incapable of paying for the loan. It depends on the lender, but the documentation usually required can include:
- A hardship letter explaining why the homeowner is unable to pay the mortgage.
- Recent tax return forms, W2 forms, and/or 1099s.
- Recent paystubs.
- Financial statement detailing list of assets and liabilities.
- Consultation. The last thing a financially stressed homeowner needs is more financial stress. The homeowner should consult with an attorney to find out whether or not difference between what the home is worth and what the home sells for will be taxed.
- Communication. Everyone needs to communicate during this process. The homeowner needs to communicate with the lender to make sure the lender has everything needed to apply for the short sale. The homeowner and the lender need to be in constant contact with potential buyers to make sure they stick around.
If one or more of these Real Estate Tips applies to YOU...
...let Kansas City Real Estate assist you with any questions you may have. Draw on our years of experience as top Realtors® to address the needs of your unique situation. That's why we're here.
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