If you are a homeowner facing a possible foreclosure, then there are many crucial things you need to take care of while trying to get out of the situation. However the three most important questions would be:
- How could you find a good short sales company?
- How should you work with your short sales team?
- How soon could you get the results?
The most important tip is to make sure you choose a good company to negotiate your short sale. You need a team of dedicated, thorough and experienced people to walk you through this process. Short sales can be very time consuming and frustrating but with the right team it can become simple and easy. Do some research and find a reputable company. Make sure you are provided with testimonials. Verify if they are registered with the Better Business Bureau (BBB). Do not employ a company that asks for compensation up front.
The second tip is to be in touch with your short sale company on a weekly basis. Although it may take up to 30 days for a bank to assign a negotiator to your short-sale-file, but it is very important that your short sale company has a policy to contact you each week with an update. A sluggish pursue can result in closing of your file and you will have to start all over again. Sometimes the bank needs additional documentation and a timely response will help you avoid unwanted consequences. Banks are different in what they require for a short sale review. You may be asked to provide more recent pay stubs and bank statements throughout the process and it’s important to get those to your short sale company quickly so they can get them to the bank. Many negotiators are working on hundreds of files at a time. So, try to avoid a situation where bank starts waiting for your responses, because it can only move you to the bottom of their pile.
Last but not the least; be patient throughout the process. Understand that the good and honest short sale professionals, not scammers who demand money from homeowners and do nothing, don’t make money unless they successfully close on your short sale. They are motivated to stay on top of your file and they do follow up with the banks on the progress. But you need to understand a short sale cannot be approved overnight, because there are thousands of people who are struggling in similar situation.
Do not procrastinate. If you are behind on payments, find a professional short sale company and let them save you from a foreclosure.
