Selling a home through short sale has helped many homeowners who are struggling financially and are unable to sell their property due to the fact that it is worth less than what they owe. Short selling your home takes time and negotiation skills. Our experts can help you negotiate a successful short sale to make sure you are able to get back on track.

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Selling Home Short Sale

Are you stuck in a mortgage you can't afford or owe more than your house is worth? You may have considered just giving up and letting your lender foreclose, but that's not your only option. Many borrowers in the same situation have escaped foreclosure by selling home short sale�"basically selling their home for less than what they owe, and having the lender accept the proceeds as settlement for the mortgage. Selling home short sale frees you from mortgage obligations that weigh you down, minus the stress of foreclosure.

How Does Selling Home Short Sale Work?

Selling home short sale benefits the lender as much as you. Most banks tend to lose more in a foreclosure than in a short sale, so selling home short sale usually makes more financial sense. And since you take care of the sale itself, they also save time and money that they would otherwise spend on maintaining, marketing, and selling off your home just to break even.

What Are the Conditions for Selling Home Short Sale?

The government has a program called Home Affordable Foreclosure Alternative (HAFA), dedicated to selling home short sale for struggling borrowers. To qualify, you need to be at least 60 days behind on your mortgage and have insufficient means (in cash or assets) to pay off the loan besides selling home short sale. Your lender must also first consider you for a loan modification under the sister program, Home Affordable Modification Plan (HAMP). If you are found ineligible, you will be offered a short sale under HAFA.

What Do I Need to Start?

Once you meet the qualifications above, you can start gathering documents for your short sale kit. Each bank has its own requirements for selling home short sale services, but the most common are bank statements, a financial worksheet listing your total income and expenses, proof of income, and a hardship letter where you explain the circumstances of your default and why selling home short sale is your best option.

Do All Short Sales Get Approved?

There is no guarantee that your short sale proposal will be accepted, but there are ways to increase your chances of approval. For one thing, make sure your paperwork is complete; otherwise, your application may be delayed or even denied outright. Read up on selling home short sale and provide as much information as possible. You can also work with an agent or attorney with experience in selling home short sale�"they can help you not just with the papers, but also with negotiation strategies and marketing techniques to help you sell your home faster.