The Process of selling your house in Rohnert Park Through A Short Sale

The idea of selling your house in Rohnert Park through a short sale might seem disappointing, but you should

not underestimate this alternative, especially if you are facing foreclosure. Bankruptcy and foreclosure proceedings can prove to be an embarrassment and tend to ruin credit, which actually makes a short sale an ideal option. However, it must be kept in mind that short sales are not accepted by all lenders since such a sale means buying the house at a price less than the money that is owed.

Although requirements vary from one lender to another and often a wide range of documentation has to be submitted, but the following can be expected when selling your house in Rohnert Park through a short sale.

Contact The Lender

Finding the right lender who willing accepts short sales can take time, which means that you will have to make a whole lot of phone calls. Make sure you speak with the supervisor, who can make the final decision, rather than speaking with someone from the “short sale” department.

Deliver A Letter Of Authorization

Unless you provide the lender written authorization that they may disclose any of your personal information, they will not able to do so. However, they will need to do this if you are considering selling your house in Rohnert Park through a short sale. The closing agent, real estate agent, lawyer or title company that you are working with will be able to cooperate with you much better if you provide them with a letter of authorization that includes your agent’s contact information and name, your loan reference number, your name, and your property address. This way, they will be able to speak about your loan with the specific interested parties.

Proof Of Assets & Income

When selling your house in Rohnert Park through a short sale, disclosing assets and being honest and truthful about your financial situation is always better. If you have any bonds or stocks, money market accounts, savings accounts or any other real estate of tangible value, then you should inform the lender about it. Lenders do not just accept short sales out of the kindness of their hearts. Usually, they want the homeowner to provide evidence that they are not capable of paying back the money owed.

Bank Statements’ Copies

Make sure no large cash withdrawals, unaccountable deposits or unusual number of checks are reflected in your bank statements. If they are, make sure you provide a proper explanation to the lender about them. Additionally, you may have to provide an explanation of each and every deposit since this will determine if you might continue making deposits.

Comparative Market Analysis

It is quite common for markets to dwindle and property values to spiral down. If you are not able to pay off the lender because this factor is preventing you from selling your house in Rohnert Park at the right price, then a comparative market analysis (CMA) could help you prove this point. You can get this prepared from your real estate agent.

Purchase & Listing Agreements

If you have found a potential lender who is willing to buy your house, you will have to provide a copy of the offer and a copy of your listing agreement to the lender.

Conclusion

If you are really do not have any other alternative to foreclosure and your potential lender does indeed deal with short sales, then you will most likely succeed at selling your house in Rohnert Park this way. Although the lender is not obligated to not report your credit status to reporting agencies, you may request that they do not report adverse credit.

Please be aware that there are other options available to you. We buy houses in Rohnert Park to help people just like you. Of course you could take your chances selling the home yourself, and you might even come out on top if you structure and package your offering correctly. We’re not saying there is no other way to sell your home, we’re simply offering a mutually beneficial way to sell your home which is the quickest and easiest option around.
Interested? Call us now at (707) 939-9450 to move on with your life.

article topic: selling your house in Rohnert Park