Has the bank called you because you are late in your mortgage payments and suggested you Short Sale your home. The amount of Short Sale Listings in Bakersfield has definitely increased. Short Sale listings have actually surpassed Foreclosures in Bakersfield this past year, but more Foreclosures are actually selling. So how do you get your home to actually sell, instead of going through Foreclosure? First you have to start with an agent who knows how to sell a home through a Short Sale. A Short Sale is not like a typical sale. First, the seller needs to talk to a professional tax consultant and a real estate lawyer. There are tax implications with a Short Sale, as there is with a Foreclosure. There is no guarantee that a lender who accepts a Short Sale will not legally pursue a borrower for the difference between the amount owed and amount paid. The Seller must qualify with the lender(s) holding the mortgage on the home. The list of documents required form the lending institutions vary lender to lender, but here is a list of the most common request: a hardship letter, proof of income and assets, copies of bank statements, a financial statement, listing agreement, purchase agreement, letter of authorization, and a HUD-1 statement. For most, Sellers this paperwork requirement is very stressful on top of the stress already created by the loss of a home. The listing agent must not only work diligently on the paperwork and the selling of the home but also take care to understand the grief the Sellers are going through. Selling a home through a Short Sale can take four to eight months and sometimes longer. Some banks are now more experienced in the Short Sale process and are streamlining the process to quicken the pace of acceptance of a Short Sale . It is very important to use a Realtor who understands the Short Sale process and will hold your hand through the entire process. Call 661-900-9629 today, to talk to Diane White about putting your home up for Short Sale. |