How to Prepare for a Short Sale

3. How to Prepare for a Short Sale

If a homeowner is facing foreclosure and wishes to explore short selling their home as an alternative, it is crucial to get help from a trusted real estate agent. With the agent’s help, this is how the homeowner will prepare to short sell their home:

  1. Agreement. The homeowner must get the lender to agree to sell the home at a loss.
  2. Documentation. If the lender agrees to a short sale, the homeowner will need to provide documentation to the lender indicating that he or she is financially incapable of paying for the loan. It depends on the lender, but the documentation usually required can include:
    • A hardship letter explaining why the homeowner is unable to pay the mortgage.
    • Recent tax return forms, W2 forms, and/or 1099s.
    • Recent paystubs.
    • Financial statement detailing list of assets and liabilities.
  3. Consultation. The last thing a financially stressed homeowner needs is more financial stress. The homeowner should consult with an attorney to find out whether or not difference between what the home is worth and what the home sells for will be taxed.
  4. Communication. Everyone needs to communicate during this process. The homeowner needs to communicate with the lender to make sure the lender has everything needed to apply for the short sale. The homeowner and the lender need to be in constant contact with potential buyers to make sure they stick around.


Do These Real Estate Tips Really Apply to YOU?

We've learned these tips through years of experience as top Realtors. But we know that YOUR situation might be different. That's why we're here.

It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.

If you have any questions about these tips - or other tips you may have heard elsewhere - ask us! We'll respond quickly, for free, and without obligation...

Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and We promise to get back to you quickly...



 

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The Turk Team
Keller Williams Biltmore Partners
2920 E. Camelback Road #100
Phoenix, AZ. 85016
Cell: 602-369-0007
Office: 602-553-4347
Fax: 602-553-4409
Email: Brad@TheTurkTeam.com

As a Phoenix native and lifetime resident Brad Turk's knowledge of the area and local community is one of his strongest assets. Brad has built a solid reputation for success by understanding what home really means. If you asked a group of people to define what home means to them, you might be surprised at their answers - they would be as diverse as the people themselves. Home means different things to different people - it's where you live your life, nurture your dreams, and reap the rewards of a lifetime of hard work. Handling every detail with ease and expertise, Brad's successful real estate transactions are the result of strong negotiating skills, market knowledge and industry experience. Add innovative marketing, fresh concepts, and a genuine understanding of the real estate process, and you will quickly see why Brad Turk and The Turk Teamconsistenly deliver results that exceed client expectations. Honest, passionate and dependable, Brad Turk and The Turk Team are the consummate real estate professionals who can handle all of your real estate needs. Whether you're moving around the corner or across town, if it's time to move on with your life...it's time to call The Turk Team.


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