Since you may know next to nothing about the complex process involved in a short sale, you may want to learn as much as you can about it as soon as you can. This will let you see how to sell your house according to this way.
The very first thing you may find when you begin to look into the short sale process is that you must be way behind with your monthly payments in order to qualify. If you are just a few months behind, you may not be able to go for a short sale. Since you must be quite a bit behind, you should carefully examine the situation before proceeding.
If you are indeed far enough behind with your mortgage payments, then it's time to apply to your lender or bank to see if they consent that you qualify for a short sale. This first step is just that, a first step, but it cannot be ignored. And keep in mind that your application must contain the truth and the whole truth about your financial situation. This is not the time for trying to hide anything.
A so-called letter of hardship is also obligatory before you can proceed with a short sale. Such a letter must be an accurate record of your situation; think of it as a sort of financial resume. It is also essential to back your claims with the proper documentation. So include all financial data that would support your claims, because the decision to be made in your case will depend on all this.
A complicated final step generally involves the negotiating of a sale price with the lender or bank. Because this is the case, it may be essential for you to talk things over with a foreclosure specialist. Having such a person at your side can be a big help when push comes to shove. This could get you the best deal possible under the circumstances.
The short sale process is complicated and not easily grasped, so to avoid getting bogged down by details that don't seem to make sense, you should learn as much as you can about the whole method. Since time is usually quick to run out in these situations, you should act quickly. This may save you from a lot of unnecessary worries down the road.
