When you are dealing with financial hardship or you owe more on your property than it’s worth and you are worried that your house may go into foreclosure, you may be able to sell your home for less than you owe through the process of short sale. Short sales are when your lender will agree to let you sell your home for less than what you owe on it. It is often the best option for both homeowners and lenders. Here is the process of beginning a short sale on a home.
1. Start With an Offer
It is the best idea to start with an offer on the home. This way the bank can know how much they can still receive through a short sale and then decide if it is a worthwhile choice for them. If you are looking for a quick cash offer, using a company such as Fast Sale Florida is a good option. We can give you a fair cash offer within days of contacting us.
2. Initiating the Short Sale with the Lender
Once you have an offer, you can begin applying for a short sale with your lender. They will need to have all the information on the loan and the property, information about any foreclosure notices, details about the offer, and details about your financial hardship or evidence of property depreciation. Once the bank has all of the information that it needs, it will begin its evaluation to decide if they want to move forward with the short sale.
3. Approval on the Short Sale
Once you have applied for a short sale, the bank will need to decide if they want to approve your application. They may have a professional appraiser come to perform a valuation of your property so that they can have a full understanding of its fair market value. In some instances, they may choose to make a counteroffer on the property, but this usually won’t happen if the initial offer that you give is a fair offer.
4. Closing
Once the bank approves the short sale, they will want the property sold as quickly as possible, so you want to make sure that the buyer can purchase the house immediately after approval. You will be able to accept the offer on your home and complete the sale of the property.
Fast Sale Florida Can Help You Through the Short Sale Process
We have worked with several homeowners and helped them throughout the short sale process. Our friendly team is there to answer any questions you may have about short sales and we will always give you a fair offer on your home so that the approval process is as simple as possible. When you work with us, you don’t need to worry about any of the usual costs of home sales such as realtor commissions or closing costs. We are dedicated to making the short sale process as stress-free as possible so that you can easily sell your house.
