As a homeowner you should accomplish the following steps to successfully complete a short sale from the onset: 

Speak with an agent and find out if you are eligible for a Short Sale

This is an important step. Many people think that if they owe more than what their property is worth that they automatically qualify for a short sale. This is not true.

Assess the Value of Your Home 

Get an estimate from your selling agent. Make sure it is a thorough analysis of your neighborhood and surrounding area. Don’t us last year’s prices for today’s sale.

Determine All The Liens On Your Property

This would include first, second mortgages, delinquent taxes, special assessments or mechanics liens; anything that will have to be removed from title in a closing. It is extremely important to let your agent know of all liens. Don’t forget past due HOA fees or tax liens?

Understand the Costs of Selling Your Home 

Your agent should provide you with an estimate of closing costs. You can use a third party. There are specific closing attorneys in Charleston that handle short sales who will typically provide short sale coordination services. 

Finalize Your Figures  

Add up the total amount of liens, obligations and costs against your home. In sum against the proceeds of a sale, you should end up with a negative number, hence a short sale. 

Speak With Your Lender, Regularly 

Speak to customer service to locate the loss mitigation department. Make professional contact and give a brief summary of your situation. Talk to the supervisor or manager of the loss mitigation department; this person will have more accurate information. Don;t dodge phone calls, answer them. 

Understand Your Lender’s Procedures 

Short sales are very beaurocratic in nature and there are many moving parts happening in the background. Many lenders may have alternatives and may be willing to work with you by modifying your loan or pursuing other alternatives. It’s extremely important to find out what their position is up front in order to increase the likelihood that the short sale will occur. 

Don't Delay 

In a foreclosure, the clock is ticking. Know your timelines and stick to them. Communicate any delays to your lender and all parties involved.

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