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Suggestions For Homeowners That Opted For A Short Sale In Real Estate

Joan Rose Castillo
May 2, 2008
Short sale in real estate is when a lender agrees to discount a loan balance due to financial difficulties of the borrower. Then the borrower sells the mortgaged property less than the outstanding balance of the mortgage loan and the proceeds of the short sale in real estate are turned over to the lender as payment of the debt. In short sale in real estate the lender has the right to approve or disapprove the intended sale. There are homeowners who prefer short sale in real estate to stop home foreclosure or avoid bad credit or bankruptcy. If you are facing foreclosure right now and you opted for short sale in real estate rather than the options that are available to you, you should learn to protect your interest especially in terms of the short sale in real estate. Here are some suggestions on how to protect yourself and interest when you choose short sale in real estate:

* Before entering into a short sale in real estate, be sure to get a legal advice from a lawyer, preferably a lawyer who has an expertise in short sale in real estate.
* A discussion with an accountant is also advisable because a licensed CPA could advise you on the probable consequences if you choose a short sale in real estate, an accountant could also discuss with you the short sale tax ramifications.
* When you have reached the stage where you are really decided to enter into short sale in real estate agreement, calling the lender is your next step, however, be sure to talk to the person-in-charge like a supervisor that could make the decision with regards to the short sale in real estate.
* Letter of Authorization containing property address, loan reference number, your name, date and your agent's name and contact information should be submitted to the lender so that the lender could talk to those interested people about the loan.
* You should also prepare a preliminary net sheet or an estimated closing statement which indicates your expected sales price, unpaid loan balances and other related data.
* A hardship letter should also be prepared; this letter describes your financial situation, why you opted for a short sale in real estate. This letter makes a plea to the lender to accept less than the usual payment, if your situation involves an accident or a medical illness, you have to include that in the hardship letter for you to be considered for a short sale in real estate. Bank statements should be prepared as well, so that when you explain why you have unaccountable deposits or large cash withdrawals, you will have a basis.
* When the short sale in real estate is finalized and an agreement to sell with a prospective buyer is reach, copies of the purchase agreement and listing agreement should be prepared, because the lender will ask for a copy.
About the Author
For more information on short sale in real estate visit samaritanpartners.com
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