How to Get Your Short Sale Approved - Be Proactive!
Don't let anyone fool you. Short sales are not getting any easier, no matter what you hear.
Despite the good intentions of participants at every level of the short sale process, they still take much longer than other types of sales to get closed. Not because they don't get offers -- they usually get more than one. But short sales require a lot of papers to be processed -- just like getting that mortgage did in the first place. It's this processing that tends to slow things down, sometimes to a standstill.
And when a short sale stalls for too long, things are more subject to fall apart. Don't let your opportunity crumble.
What you can do to help get your short sale approved.
There are things that sellers can do to smooth the process and facilitate the coveted Approval. The one thing I most appreciate from my short sale clients is their willingness to be proactive in these key areas:
1. Be proactive about contacting your lenders as soon as you know you need help. Too many sellers let pride or embarrassment keep them from making that all-important call. But this is the place to start, and the sooner the better. Time is not on your side if mortgage default or fopreclosure is imminent. The sooner you get your short sale started, the better your chances for success.
2. Be proactive about gathering your paperwork as quickly and efficiently as possible. A short sale requires proof of hardship. That's just a fact. So begin gathering those proofs right away because you will need to produce them fairly early in the process. The proofs almost always include a hardship explanation of some type (usually a letter will do), two most current income statments, bank statements, and tax returns. There may be more, depending on your lenders.
3. Be proactive about following up with your lender contact or account manager every step of the way. Don't rely on your agent or any other third party to keep up with such important business as your short sale. You are the lenders' customer and they must talk to you about your account. it is always in your own best interest to know whether your file is being moved forward in a timely manner or if any problem is holding up its progress.
4. Be proactive about communicating any new developments to your agent or attorney or other third party who is assisting you with your short sale marketing and negotiations.
5. Be proactive about getting requested paperwork to you short sale agent. Many lenders today force real estate listing agents to participate in collecting and uploading via internet a lot of sensitive seller and buyer information. This is unfortunate and I hope it will soon be changed as lenders perfect their short sale decision-making processes. But for now, it is a reality of the short sale for many sellers.
Any delay in getting paperwork to your lenders will delay your short sale for all involved. But working proactively with those assisting you in your short sale will make the whole transaction less stressful.
These 5 considerations will go a long way toward smoothing your entire short sale process and reducing the time line to get your short sale approved. For more information or a private consultation, calls us and get your questions answered at 678-855-5238 or visit our short sale website.