Selling Your House in Kathleen as a Short Sale.

A Short Sale starts with the bank

First thing to do in a short sale is call the mortgage company and find out what their requirements are for a short sale. For the bank, a short sale is an unemotional transaction. An owner, however, may be letting go of a property with great emotional significance. A real estate agent would be a good person to handle this part of the transaction. Have the mortgage company send a complete list all requirements for a short sale to be approved in writing (get everything in writing). The agent will need written permission from the homeowner to work with the bank.

If the loan payments are current and there are no other defaults on the mortgage, they may approve a loan modification with little effort, but this will not solve the problem at hand. Some loan companies require the borrower be in default for a couple months before they will approve a short sale. If this is the case, your only choice may be to let the loan go into default. Consult a professional before executing this move.

Time to list your house for sale

Now that there is an agreed short sale in place, it’s time to sell the house. Many lenders will require a real estate agent list the property for sale as part of your efforts to sell the house.

Some lenders with also allow a price drop schedule as part of your selling efforts. Once your house in Kathleen has been on the market for a couple months, they will allow the price to be dropped again and so on. If the house goes under contract and sells, the short sale is completed. If it does not sell, you could be required to continue making payments until it does or withdraw the short sale agreement and not sell your house right now.

Talk to us about your options for selling your house.

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For more articles about short sale sand other real estate related information, read more at our sister Georgia real estate blog site.

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