You should submit your completed package of materials as quickly as you can, especially because it can take several months to get a short sale approved. In a few cases, the lender might approve the short sale in a
couple of weeks, but it will probably take longer.
The urgency of a short sale means you’ll have less time to market the sale of your house. You’ll also have less time for making any necessary repairs. Get started early to assess what needs to be done, and don’t delay any projects you can do yourself or afford to have a professional do for you. In some instances, you might have to sell your house “as is,” or come up with extra payments or allowances for the buyers. There’s no guarantee that potential buyers won’t get impatient or find another home they like better. Make sure the agent negotiating the sale is someone who will stay alert and check in frequently with the lender.
POINTS TO REMEMB O REMEMBER:
• In some instances, the lender might agree to the short sale of your house, selling it for less than the amount you still owe on the mortgage. • To help ensure your bank authorizes the short sale of your house, be prompt and thorough in providing your income verification and other documents the lender requires. • Familiarize yourself with all the details of how banks and other lenders usually handle the short sale process.
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