Multiple options exist in the market for a person looking to short sell their home. Most people do this because loan modification options are not viable for them. But before that, you will need a few documents for the same. These include:
- A hardship letter: You are required to explain the reason why you no longer are in a position to make the mortgage loan payments.
- Proof of income and assets: You will be asked to present your income tax and bank statements for at least the previous two years.
- Comparative market analysis: An informative document with a list of similar properties on market and those sold in the last months in the vicinity to establish the fact that the property won’t be sold anytime soon for the payment owed to the lender.
- A list of liens: All lienson the property to be sold.
Once you have all your documents ready, you may find short sale buyers via multiple channels.
Real estate agents
The best wayis getting help from real estate agents. You might get a dedicated agent for yourself who may provide you loan modification tips or you may approach one who is looking for a property on behalf of a buyer. Almost all realtors maintain a listing of short sale properties and you may get yours enlisted by them.
There are many real estate agents who specialize in short sales. Some real estate agents have a specialized training known as Short Sales and Foreclosure Resource (SFR) certification. The National Association of Realtors offers this. A real estate owner will take a commission on the property.
Multiple Listing Service (MLS)
There are various Multiple Listing Service websites online that you can put your data on. The result from the short-sale listing services will depend on their accuracy and regular updating. Some popular real estate websites also carry short-sale listings.
Mortgage Help Network
Various real estate developers provide their customers a complimentary mortgage assistance service as well as loan modification consulting to check if you are eligible for loan modification.
Some mortgage companies help people whose loans are owned by the company for the short-sale process. Ask your lender if they will assist you with the same.