Short Sales Basics
In my last article, I explained some basics about a short sale in Delaware. Here, I will list some of the steps that are followed in a short sale.
#1 - contact an experienced attorney who will guide you through the entire transaction all the way to the day of the closing.
#2 - list your property with a real estate agent. It’s best to find an agent who has done short sales before.
#3 - The real estate agent finds a buyer who is prepared to pay the fair market value for your home
#4 - your attorney should become involved with you and your real estate agent in the negotiations with the buyer, and your attorney should prepare the agreement of sale
#5 - your attorney will then contact your lender and arrange to submit all the documentation they require to consider approving a short sale. This documentation includes the agreement of sale, a draft HUD-1 settlement statement, and more.
#6 - before your mortgage company approves the request for a short sale, they will want proof that you can’t afford to pay the “cash due from seller” at closing.
When a mortgage company approves a short sale, they sometimes try to get you to sign documents that are not in your best interest. It is important that you have your attorney review each and every document before you sign it.
