Category — Pre-Foreclosure

A short sale is when a lender agrees to take less than what is owed on the mortgage so that the property can be sold. A short sale is a great way to avoid foreclosure and is commonly referred to as pre-foreclosure. The effects on credit scoring from a short sale are far less damaging than a foreclosure.

The road to a successful short sale can be slow, complicated, and time consuming, however can be the best option for a seller who has a negative equity position in their property.

The most important thing to remember is that the bank does not want to lose money. It is necessary to convince the lender that they will lose FAR LESS money by doing a short sale than by foreclosing on the property.

Here are the basic items you will need in your tool box to convince the bank(s) to accept a short sale:

1. Time - It will take time to prepare the documentation and contact the correct department at the bank.
2. Patience & Persistence - Remember “You attract more flies with Honey than Vinegar.” Be calm and patient with the people at the bank. They are not going to make it easy, but be patient and persistent and keep calling until you get to the correct person. Once you get the correct person or department, document everything discussed as well as their complete contact information including an e-mail address.
3. Request a Short Sale Package - The package will detail the process and documents you need to complete to start the short sale process.
4. Prepare a Hardship Letter - The hardship letter is a detailed description of why you ended up in this situation. Be as specific as possible. The more heart wrenching the better.
5. 2 Years of Tax Returns
6. 2 Months Pay Stubs (if employed)
7. At Least 2 Months of Bank Statements
8. Financial Worksheet - This is a list of assets, liabilities, income and expenses. Most lenders will have their own form to complete.

The above list are the basic items you need in your tool box to negotiate with the bank. Of course, it is always best to consult someone who has experience with the short sale process such as a Realtor or an Attorney. Make sure to ask if they have successfully negotiated short sales in the past.

Pre-Foreclosure, short sale available now for sale in Largo and priced below market value. Bring your best offer while you still have a chance at owning a home way below what others similar homes have sold for in the neighborhood. This is a bargain.

Contact us to schedule a showing!

4056 Alan Drive, Largo, FL

Short sale available now in Seminole Heights and priced below market! Contact us to schedule a showing.