What To Expect When Listing A Short Sale in Temecula
If you are facing foreclosure and you are looking into the short sale process, you might expect it to be long and complicated. However, with the right assistance it can go smoothly. The outcome of the short sale will rely on the lender(s) that you have your loan with and the negotiating skills of your Realtor.
The first step would be to list your property just as you would in a regular sale. Ask yourself what would you do if you were not in default and you were wanting to sell your house? You would want to take the same steps for a short sale. One of the most important ones is hiring the right Realtor. Although you may think that it does not matter and that any Realtor will do because it is just a short sale, this is not true. You need a Realtor that specializes in short sales and by that you should ask the Realtor how many short sales they have listed and closed successfully. If the answer is 1 or 2, you should find another Realtor. Performing 1 or 2 transactions does not provide enough experience in this market. They should have least done 10 or more and have references.
Things to expect after listing is regular updates of what is happening with your listing. The main thing you want to know is has there been any offers and what is your Realtor doing to get one. Before a request for bank approval can be submitted, there needs to be an offer on your house. Banks will not take short sale packages beforehand, but a good Realtor will have already gotten authorization to speak on your behalf and knows what your lender’s criteria is. Not every lender has the same criteria. A good Realtor will know what this is as providing too much or too little information could cause the sale to not close escrow or at minimum hold it up. Knowing this in advance will keep the timeline in check.
Once an offer has been received, you will be able to review and ask any questions of your Realtor just like any other property transaction you have been involved in. In matter of fact the short sale transaction you partake in should not be too much different than if you were selling your property for a profit. In this case, however, you are selling the property to secure the ability to buy again sooner and to protect your credit from a foreclosure. Although you will not make a profit, this will be profitable to you in other ways and should be taken just as seriously.
Ultimately the lender makes the decision whether to accept the offer or not and not you and there lies the difference. These days lenders are being encouraged to accept more short sale transactions for many reasons, so if you are going to be listing your home as a short sale, list your home with a professional Realtor. If you are in Temecula or the surrounding areas we will provide you excellent service. If you are outside our area, you are sure to find some excellent Realtors that contribute this site. Either way, the transaction is not as bad as you may be thinking.
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