How To Ensure That The Short Sale On Your Fort Lauderdale Home Is Approved
It seems that everyone knows at least one person in the Fort Lauderdale real estate market who is in foreclosure. It can also be said that if you know someone in foreclosure, the chances are someone has mentioned a “short sale” as the key to unlock the foreclosure prison.
While short sales can save many homes in the Fort Lauderdale real estate market from a foreclosure auction, it is a very complicated process and one that should not be taken lightly by the inexperienced.
If you are a homeowner whose Fort Lauderdale home is in foreclosure, a short sale may indeed be viable. That is if you are diligent, cooperative and understand that the following 5 tips are crucial to your short sale being successful:
1. While you may be able in some instance to persuade a bank to work with you, the smart homeowner knows that they are not an expert and should let the authority in the market handle the short sale. Whether an experienced real estate agent, title processor or attorney, make sure the person handling your short sale really knows what they are doing.
2. Make sure you stay actively involved and you cooperate fully with the timely submission of forms and other documents as may be needed. This includes that you, not your agent or advisor, but YOU write a clear and compelling Hardship Letter. Having your agent or attorney write your hardship letter is basically ensuring that your short sale request will be rejected.
3. Make sure you know what you are getting into. The bank is going to want a complete short sale package and that will include a full financial work-up complete with bank accounts, tax returns and more. Your failure to provide this information could and most likely will, get your short sale request rejected.
4. The bank lent you money and they have the right to collect. You have the responsibility to disclose your assets and to liquidate them to reduce your obligation to the bank. You can’t ask them to take less while you are cruising around town in your Porsche. It just does not work that way. You must be prepared to demonstrate a true hardship.
5. Make sure you don’t wait until the last minute before you request a short sale. Most homeowners don’t do anything or simply wait to long to act. No real estate agent or lawyer are magicians. They need time to make the short sale work. If you want to save yourself from enduring a foreclosure on your Fort Lauderdale home then you must act in timely fashion. Short sales can take as long as 6 months to get approved. Get going right away.
These are just 5 easy tips you can follow to give your short sale request the best chance of success. This is not an easy process for either side and your continued cooperation can mean the difference between a successful short sale or your home being auctioned off.
The stakes are high and your cooperation and diligence are tantamount to the success of the short sale on your Fort Lauderdale home.
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