The short sale process is not easy to understand even after all these years. As a seller you’re probably confused on exactly how it works. First, you need to find out if as a Fountain Hills home seller you can qualify to sell your home short?
If you are struggling with making your mortgage payments, the first order of business should be to consult with an attorney, and a CPA to so you can decide how to move forward. I would be happy to recommend some highly experienced short sale attorneys and CPA’s for you to talk with. If you are eligible for a short sale, you’ll also need to hire an experienced real estate agent who has sold distressed properties, such as myself. Having someone experienced to handle the details is extremely important in getting your home sold and making sure all the paperwork is in order.
As far as listing your home as a short sale, there is more upfront paperwork involved but the marketing of your home for sale is the same as a traditional sale. I will research comparable sales to price your home according to market conditions, list your home for sale on the multiple listing service, along with advertising on the internet and everything else that goes along with procuring a buyer for your home. I will handle the contract and inspection negotiations, all the paperwork and everything else related to the transaction.
Here are the basics of a short sale:
Banks grant short sales because the seller has a hardship and cannot make the mortgage payments. The house is worth less than the loan amount so the seller must sell short. A few examples or hardships are:
• Unemployed or reduced income
• Medical emergency
• Job transfer out of town, home is under water
• Death of the primary breadwinner
The seller will be required to prepare a financial package for submission to the short sale bank and each bank has its own guidelines. The seller’s short sale package will most likely consist of:
•Letter of authorization, which lets your agent/attorney speak to the bank.
•HUD-1 or preliminary net sheet
•Completed financial statement
•Seller’s hardship letter
•2 years of tax returns
•2 years of W-2s
•Recent payroll stubs
•Last 2 months of bank statements
•Comparative market analysis or list of recent comparable sales
Do you need more information on how to sell your Fountain Hills home as a short sale? Call/Text 480 888 6708 or email me for a quick response to your questions.