How to Do a Short Sale

How to Do A
Short Sale



Contents
When faced with the danger of foreclosure, Introduction ..……………………………1
one ready solution is to sell your home and


Estimate of Value..…………………….2
pay off the bank. But, what if the FMV, or fair

market value, is less than you owe? In this Closing Costs………..……………...…...2

case, the bank may prefer to forgive the Direct Approach………….…………....2

difference in order to avoid higher foreclosure
Put Your Best Foot Forward……...3
costs. Here is how to go about it.

---

Obtain An Independent Estimate Of Value
2
Speak to several realtors to try to gauge what your home is

worth. If you can afford to pay the brokerage and sign an
agreement, then the broker should commit in writing to a


selling price.








Add Closing Costs to This

Again, a broker can assist you with an estimate of these,
including brokerages and administrative costs charged by the
lender. These may be quite large amounts, so take your time
here, and get it right.



Approach Your Lender Direct

What’s does that mean?
Explain your situation to an adviser in the customer service
department. Discuss the gap between the outstanding loan
For more terms and definitions,
check out ForeclosureDeals.com’s
amount and the net estimated proceeds of the sale. Explain that
glossary page:
http://www.foreclosuredeals.com/G
if the bank cannot forgive the difference, the bank may have to
lossary.php
go ahead and foreclose. Play your cards right and they may well

agree – if so, then you can go ahead and sell.

---

3
Put Your Best Foot Forward At the Sale


Foreclosure Deals
12550 Biscayne Blvd, Suite 306
On show days, make your house as attractive as possible,
Miami, FL 33181
FAX: 1-347-402-6620
and leave negotiations up to the agent. People buy on first
Contact@foreclosuredeals.com
If it’s not a deal, we won’t list it here!
impressions, so make sure that everything is tidy before a

potential buyer arrives.
Find us on the Web:
http://www.ForeclosureDeals.com/




There is always a possibility that you could do a short sale






yourself. However, you may not know all the pitfalls, and a


good agent should be able to cover their brokerage fee

with a better price. This is why an intermediary is always a

good idea when selling under pressure. Besides, you could

always refuse an offer if the price is below the broker’s

estimate.

---