Tips for Successful Short Sale
There are things you can do to get your short sale application moving faster and increase your chances of getting approved. Here are some short sale tips that can make all the difference between a successful short sale and a foreclosure
Make your paperwork complete
Short sales, just like any foreclosure prevention plan, entail a fair bit of paperwork. And while sellers used to get away with incomplete documents, new rules now require you to present them all up front. This helps the bank process short sale applications faster and reduces the volume of applications. Before starting, get a list of short sale requirements from your lender and double-check your package to make sure everything you need is in.
Write a convincing hardship letter
The hardship letter is one of the most vital elements in a short sale. A good hardship letter makes sense out of the bank statements youíve submitted and convinces your lender that a short sale is really your best option. Make it brief but detailed; most agents donít want to spend more than a couple of minutes on a letter. State your main idea within the first paragraph and make sure you can back up each claim with solid evidence.
Hire a short sale attorney
An experienced lawyer can give you valuable tips on planning your short sale and getting short sale approval from your bank. They can also help you with legal issues such as lending fraud and credit report errors. An attorney with short sale experience will also have useful connections with the bank, which can get your application to the top of the file faster. At the very least, youíll save hours of phone time trying to get to the bankís short sale office.
Do your research
Approach your lender with a solid idea of how the short sale process works and what you have to offer. Start by looking up property values in your area and comparing them with your own; that way, all your lender has to do is confirm it to see that your home cannot sell for enough to cover your unpaid balance. A short sale agent can draw up a list of comparable property values for you, which you can attach to your short sale application.
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ABOUT THE AUTHOR
The author regularly writes on Short sale related issues like buying short sale, selling short sale, real estate short sale and loan modifications. His suggestions and views on short sale are based on his professional experience. If you are looking for more information on short sale, short sale process & short sale approval please visit http://www.shortsalesafe.com