Selling your Property Through a Short Sale Leave a Comment 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 h a 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 that 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 ss is 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 ce 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 reclosure instead.