Short sales have a reputation of being tedious and stressful. A short sale is an agreement in which your mortgage provider agrees to accept a payoff on the loan for less than the balance of the mortgage amount.
What do you need to show to qualify?
You must be behind your mortgage payments, provide evidence of economic hardship, and have very little or no equity in your property.
Here are 5 Tips to a Successful Short Sale:
1. Hire a Real Estate Agent.
You can’t sell your own home in a short sale. The bank requires the sale through an agent. Hire an agent certified in short sales with a successful track record.
2. Consult with a Lawyer who specializes in real estate and foreclosure law.
3. Read the fine print.
The truth is your lender can also come back to you for a deficiency in a short sale. It’s one of those details that must be negotiated with the asset manager and the lender before you sign the closing papers.
4. Stay current on any other HOA Fees or Assessments.
5. Success in a short sale.
Success relies on 3 primary areas of expertise: Pricing, Paperwork, and Persistence.
Cristina M. Ortiz, Esq. is a real estate lawyer, specializing in residential and commercial transactions in South Florida. Ms. Ortiz believes that you must employ due diligence in any real estate transaction so that you understand both the obstacles and opportunities presented. Visit www.cristinamortiz.com.
P: (305) 702-2797.