Short sale Los Angeles – Steps to a Successful Short Sale
If you are having financial problems with your house for one reason or another, it is generally agreed that foreclosure is something that should be avoided. There is another option! Short sales are an excellent alternative to foreclosure and are worth trying to complete. A short sale is a way to sell property for less than the amount due on the mortgage. The lender will take a loss in order to avoid further money loss in the future. Not all lenders are willing to do short sales, and even when they are, the short sales don’t always close. For this reason, it is a good idea to hire short sale experts to handle the transaction for you. A short sale is very difficult to successfully negotiate because there are many variables that come into play during the transaction. It is a complicated process and having a professional by you side can make the experience much easier.
There are a series of steps which one must take during a short sale
1. Contact Your Lender – This can be very time consuming and frustrated as the lender may be hard to reach or reluctant to take a loss. This is one reason why it is imperative to find a short sale Los Angeles expert to help with the transaction!
2. Letter of Authorization – This will allow you to share personal information with your lender. This is a good idea because you want to make sure that the lender knows your circumstances.
3. Preliminary Closing Statement – This is where you calculate how much you are going to receive from your home. It is important to factor in closing costs, late fees and missed payments. This estimate will give you a good idea of your chances for a successful short sale.
4. Proof of Income – Your lender will request proof of income. You will need to inform the lender of all of your assets. If you are not forthright in this situation, it will probably cause complications in the future. It is best to be honest about your assets.
5. Hardship letter – You will be requested to provide a hardship letter to the lender. In this letter you will need to formally outline all reasons why you can no longer afford to stay in your home.
6.Purchase and Listing Agreements – Once you find a buyer for your home with the help of a short sale Los Angeles agent, you will need to provide your lender with the purchase and listing agreements. Your lender must approve the transaction and can modify any agreements you make with the buyer
When it comes to a real estate short sale, there are many steps. For this reason, many people choose to hire a professional to help them with the transaction. There are many companies out there that provide short sale services such as Shortsaleapproval.net.
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