Are you considering putting your home up for a short sale, but just don’t know what steps to take? Are you confused about the whole process and don’t know where to begin?
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Do you need short sale help?
Here’s some short sale dos and don’ts to help you along the way:
Dos
- As soon as there’s a change in your financial status that no longer supports your ability to pay your mortgage, contact your lender and let them know of your intentions to conduct a short sale and to find out if you qualify. Your mortgage payment must exceed your verifiable gross income by more than 31%.
- Contact an experienced realtor who is familiar with the HAFA program provisions and The Mortgage Forgiveness Debt Relief Act.
- Familiarize yourself with the process and required paperwork. Study the documents that your lender provides carefully and make sure everything is fully completed before submission. Stay on top of things and make sure you follow-up on everything as needed.
- Find out if you’ll be responsible for taxes on the difference and begin making arrangements to handle them as early as possible. Ask your realtor for assistance. Contact a real estate attorney and/or certified accountant who’s familiar with short sales.
- Be patient and follow all guidelines – many lenders ask for “arms-length” distance between sellers and buyers of a short sale. So that means that you probably won’t be able to sell the property to friends or family members who are interested in the home.
Don’ts
- Don’t panic and don’t let the volume of paperwork overwhelm you. Take it one step at a time – that’s why it’s extremely important to work alongside a realtor.
- Don’t be afraid to get help from your community. There are many helpful resources that can assist you in the event of unexpected financial hardship. Contact your local department of Human Resources for guidance.
These are just a few tips that can save you loads of frustration when it comes to selling your property via short sale.
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