Selling Your Property Through a Short Sale
If you are in distress, or are unable to pay your m
ortgage payment, you may want to try to sell throug
short sale. This has become an option more readily
available in markets such as the Myrtle Beach condo
market, where there are plenty of properties on the
market and yet there is still interest in getting
great deal. Before you make the decision to take mo
re drastic measures, such as walking away from
your home and allowing the foreclosure process to t
ake hold, consider how a short sale works.
It Is Not A Fast Process
In general, a property owner must be several months
behind on his or her mortgage in order to reach a
level of hardship. At this point, the lender may be
pushing towards foreclosure. However, the lender
may agree to accept short sale offers on the proper
ty. If the short sale offers come in, and the proce
approved by the lender, the lender is accepting les
s than what is owed on the property. However, there
are several things you need to keep in mind with th
is type of transaction.
You need to show to the lender that you are in hard
ship and cannot keep paying towards the
original contract. Be sure to provide full financia
l disclosure to the lender. Be sure to state that
the property is worth less than what is owed.
Ensure the home is marketable. In other words, you
want to be sure it is in good condition. In
addition, ensure that if there is a second mortgage
or other liens on the property that those lien
holders are also in agreement of a short sale.
Be sure you have the time to wait. Some short sales
can take several months to go through.
The best short sale transactions are those that the
seller organizing and pushes. In other words, work
with an experience short sale real estate agent for
the transaction. Ensure the agent has the experien
needed to push the lender to get the agreement in l
ine. And, do not count on this process. It may be
necessary to file bankruptcy or to deal with the fo