Tampa Bay Area Home Owners – Real
Estate Short Sale Tip #3
You’ve talked to the people you need to speak with and you’ve decided the short sale is your best option at this point. You can sell your home and walk away clean, avoiding foreclosure, bankruptcy and taxes on any amount forgiven by your lender.
But it’s not that easy. The mortgage company holds all the cards and although most do not want to own single family homes, Your short sale must be approved by the lenders loss mitigation department. (We’ll discuss how to get approval in tip #4)
Here are some things to consider at this time.
- Because you have no equity in the home and the bank will ultimately decide what they will accept, you will also pay no commission or closing costs for the sale.
- Short sales are a lot of work and lenders often prefer to work with an experienced Realtor, rather then a home owner. Realtors have the best chance of selling the property in this market.
- Don’t pay for any person or company to handle you short sale. The bank will pay a commission and cover closing costs
- Select a full time Realtor with experience in short sales. It is costing you nothing and your short sale will be that much less stressful.
When you speak to the loss mitigation department please feel free to confirm the information above.
Please Contact John Montesano for information on Pre- foreclosures and short sales in the Tampa Bay area.