Demystifying the Short Sale Process

Short Sale


For those buyers facing an imminent threat of foreclosure, a short sale is a viable option indeed. Through a short sale, the seller eliminates the debt burden that comes with his value- depleted property that no longer attracts enough of a sale price to pay off the loan in full. Scores of homeowners saddled with underwater properties have taken the help of short-sale negotiators to get a reasonable price for their homes in recent times. If you are looking for advice and information on Orlando short sales, read on. 


Getting the Short Sale Package Approved


This is the first step in your Orlando short sales process. Your lender needs to approve your sale of the property at a price that is less than your total debt due to him. To do this, he needs to be sure that you cannot afford to pay off his loan from other sources (e.g.: your savings).  The first step of the short sale is for you to present a short sale package to the lender. This package outlines an overview of your finances and your credit score along with a hardship letter and the home’s documents indicating the purchase price. Once the lender is convinced that a short sale is your best option, he approves the process.


Listing the Property


Now it is time to present the property in the best possible way so that you can attract the most number of buyers. Working with reputed Orlando realtors who are also experienced short-sale negotiators is a great advantage at this stage. The realtor has an understanding of the market and the skill to present your property as a good buy to prospective homeowners. Locate a realtor who has a deep insight of the current Orlando real estate market so that you can price your home right. The Orlando realtor will also ensure that your home appears in all the right listings so that it is highly visible in the marketplace.


Sell the Home and Get Rid of Your Debt

Once your home gets an offer you like, it is time to start processing the short sale. Your lender may require several documents to process the actual sale. Here too, an experienced Orlando short sale realtor can prove to be of immense help. Collect all the documents and present them to your lender for approval of the proposal. Once he gives his approval, the sale can be finalized and closed. In some situations, the lender may reject the proposal.


If this does happen to you, don’t give up hope. Ask your lender to give the reasons for rejection in writing. There may be some negotiations that you can do with the buyer/ lender with the help of your Orlando realtor to ensure that the proposal is tweaked to meet his approval.


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