As more and more Americans experience the financial hardships this economy has caused, the prospect of losing their home to foreclosure can be a very real and very scary experience. If you have tried everything you can do to keep your home, such as a refinance or a loan modification, but you have been repeatedly denied, your next step should be to consider a short sale.
A short sale is the sale of your home at a price that does not fully pay off your mortgage debt(s), hence the home is sold ‘short.’ Short sales are a complex and lengthy process and have a real estate agent in Northville who is skilled at them can be your greatest ally.
The primary role of a short sale real estate agent is the settlement of your mortgage debt. Yes, the typical duties of a real estate agent in Northville apply– listing your property, marketing your property and presenting you with any and all offers– the critical role is to settle your mortgage debt.
You want to make sure that when your bank(s) approve a short sale, they do so with the agreement that whatever is remaining of the mortgage debt will be forgiven by them. Otherwise, you may sell your home and still owe the bank the mortgage debt. This release of debt is commonly known as a “no deficiency waiver”, and it is important that the language in the approval for a short sale has that language.
The process of a short sale includes putting together a short sale workout package. Your real estate agent in Northville will gather financial documents from you, such as tax returns, bank statements, pay stubs and a signed and dated hardship letter. The hardship letter is an integral part of your request for a short sale, and you must clearly state the reason for your hardship, what you are doing to try to work through your hardship, and if you are able to financially contribute to the sale of your property. It needs to be accurate and honest but also succinct.
A short sale real estate agent in Northville will then review your documents for accuracy and then submit them to your lender(s). If your banks determine you cannot afford to keep your home, they will approve you to participate in a short sale. They will work with your realtor to list the property at a value that is competitive in your local real estate market. Once you have an offer, the buyer will close on the sale. and you will no longer owe the underwater home or be on the hook for the mortgage debt.
Real estate agent Northville – E realty professionals LLC offers qualified real estate agents who ensure your home sells fast, and for the best price. Stay in touch with them!
