If a homeowner is facing foreclosure and wishes to explore short selling their home as an alternative, it is crucial to get help from a trusted real estate agent. With the agent’s help, this is how the homeowner will prepare to short sell their home:
Agreement. The homeowner must get the lender to agree to sell the home at a loss.
Documentation. If the lender agrees to a short sale, the homeowner will need to provide documentation to the lender indicating that he or she is financially incapable of paying for the loan. It depends on the lender, but the documentation usually required can include:
A hardship letter explaining why the homeowner is unable to pay the mortgage.
Recent tax return forms, W2 forms, and/or 1099s.
Recent paystubs.
Financial statement detailing list of assets and liabilities.
Consultation. The last thing a financially stressed homeowner needs is more financial stress. The homeowner should consult with an attorney to find out whether or not difference between what the home is worth and what the home sells for will be taxed.
Communication. Everyone needs to communicate during this process. The homeowner needs to communicate with the lender to make sure the lender has everything needed to apply for the short sale. The homeowner and the lender need to be in constant contact with potential buyers to make sure they stick around.
Jesse Ramirez RE/MAX Partners Real Estate 390 McKinley Street Suite 106 Corona, CA. 92879 Direct: (951) 522-2216 Fax: (951) 278-4439 Broker Lic#: 01249455 Email: remaxjesse@gmail.com
Jesse has lived in the area over 35 years. As a former police officer, he has knowledge and expertise that benefits you. Jesse can understand and relate to your wants and desires! He dedicates himself to serve all your real estate needs. Call or e-mail Jesse Today! 951-522-2216
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