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How to Short Sale

How to short sale real estate is a hot topic. With millions of homeowners facing foreclosure, short selling property has emerged as the latest and greatest real estate technique. The truth is, short sales have existed for decades. It wasn't until the collapse of financial institutions that this option became public knowledge.

A single article isn't sufficient for learning how to short sale property. The process is complex and requires mountains of paperwork and hours of negotiation. Short sales involve convincing your lender to allow you to sell your house for less than you owe on your mortgage note. Since banks are in business to make money, borrowers must be knowledgeable about the process if they want to obtain short sale approval.

Although each lender establishes their own protocol for handling short sales, most require borrowers to submit a short sale packet to prove they are financially insolvent. After all, if the bank is going to accept less than you owe on your mortgage note, you must prove you do not have any assets which could be used to repay the loan.

One crucial element of the packet involves writing a short sale hardship letter. A letter of hardship allows borrowers to explain the circumstances which caused them to become delinquent with their account. This letter can literally make or break your chance of obtaining approval, so it is crucial to take time to craft a well-written letter.

At Simon Volkov, we have engaged in nearly 400 successful short sale transactions. Using the information we gained through each experience, I wrote the "Short Sale Hardship Letter eBook Course" to help clients understand the process, what to expect, and most importantly, a step-by-step guide to writing the hardship letter.

The course is designed to help individuals who choose to negotiate with their lender on their own. Education is the key to success and the ebook course can guide you through uncharted waters.

Borrowers who do not want to go through the shortsale process alone can retain the services of a real estate lawyer, realtor, loss mitigator or short sale specialist. Should you decide to enlist help from professionals, be certain to engage in due diligence and investigate their credentials.

Unfortunately, many people are claiming to be short sale specialists when they have had no official training. Be careful who you choose to represent you because this is one of the most important financial transactions you will ever make.

One thing is certain. If you are facing foreclosure, you do not have time to waste. Lenders can initiate foreclosure proceedings when borrowers become 15 days delinquent on their mortgage note.

The preforeclosure stage gives borrowers time to obtain a loan modification or request short sale approval. It becomes considerably more challenging to obtain approval once the property enters into the foreclosure phase.

If you are overwhelmed or confused about how to short sale, we would like to extend an invitation to become involved in our exclusive short sale program. If your property meets are qualifications and you are willing to cooperate and let us do our job, we will negotiate with your lender and purchase your home.

Due to the complexity of short sales, we can only work with a limited number of people. Currently, we have room for two more borrowers who need to sell their home quickly. If you would like to be one of them, submit information about your property via the "we buy houses" form.

In the meantime, feel free to visit our short sale article library which is packed with hundreds of real estate articles and how to short sale information.

If you prefer to work directly with your lender, consider purchasing the Short Sale Hardship Letter ebook Course. The more you know, the better your chance of success

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Published on June 23, 2009 at 03:51 AM

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