- As the homeowner, you need to contact a Short Sale Specialist in your area to discuss whether one may be possible, and to learn how the process works for completing the sale.
- You will issue a letter giving permission for the Realtor to have access to private information about the property or loan.
- Your lender will review documentation concerning the short sale, which indicates the proposed selling price, balance remaining on the loan, and itemization of all expenses, fees, realtor commissions and any other closing related expenses.
- You will be required to submit a hardship letter, which explains in detail why you are having financial difficulties. This could be a death in the family, divorce, loss of job, etc. The lender will want to validate your hardship by reviewing your investment and bank accounts, paycheck stubs and other financial information.
- One reason you want an experienced Short Sale Indiana real estate agent is because the lender will want an opinion on the condition of the home or property, and the market value of homes comparable to yours. The lender also insists that the property is listed for sale with a realtor.
- Your lender will then review the purchase agreement in order to confirm that all amounts are within reason and that commissions due to the realtor is acceptable.
This process can be complicated. By hiring the top Indianapolis Area Short Sale Specialists, you gain having a team of specialists on your side with years of experience in the short sale process. This helps make the process simple, and the specialist/realtor can handle much of the work for you.
You have options, so let us help you through it instead of being forced into foreclosure. Contact a seasoned Short Sale Specialist now, and find out if the short sale option can help you get out from under the huge debt that is hanging over your life.
Below is a more all-inclusive list of the short sale process from a realtor’s perspective. Let Indy Home Help handle these details for you:
- List the home
- Bank authorization forms signed
- Send bank authorization to the bank(s)
- Market the home
- Follow up with bank(s)
- Fill out financial form(s)
- Gather proof of financial information
- Send BPO, financial form and financial information to bank(s)
- Find a buyer
- Negotiate purchase price/terms with buyer
- Prepare net sheet for bank(s)
- Send purchase contract, listing agreement, net sheet to bank(s)
- Insure that the buyer is pursuing a mortgage.
- Negotiate any/all issues with the buyers contract, including inspection issues.
- Follow up with bank and gather other bank requested information
- Send bank requested information back to bank(s)
- Finalize short sale with the bank(s)
- Order payoff letter from bank(s)
- Get adjusted payoff letter from bank(s) for title company.
- Close the property
- Check that the bank(s) recorded the payoff.
- Make sure that the client knows if he/she is required to pay tax on the loss (Most homeowners are NOT required to pay tax.)
Say NO to Foreclosure & Say YES to a Short Sale
As experienced professionals who have helped many Indiana residents sell their home, we know how to handle every aspect of the sales process – from strategically marketing and showcasing your home, to making sure everything is signed, sealed and delivered by the closing date.
Indy Home Help Specialists top priority is providing you with comprehensive, high-quality listing service. When you decide to sell your home, please contact us and let us help you through this process!