Short Sale Seller: Please Help Me Help You

Would it surprise you to know that often the most challenging part about working a short sale here the Edwardsville IL area isn't dealing with the lender?

It's making sure the seller is providing me with all the information and signatures I'll need to be successful in saving their home from foreclosure.

If you have had a hardship -- such as a job loss, unexpected medical bills, divorce, etc. -- and can no longer afford to make payments on your house, do not simply walk away.

Working together, we may be able to get your lender to accept an amount less than what you owe on the property. This is called a Short Sale and despite the name it can be a long process, but it could help save your financial future. This may be especially important for people who bought homes at the height of the market and now owe more than the home is worth in today's real estate world.

So when your Realtor asks you for signatures and papers, please find them and deliver them ASAP. These might include:

• A Hardship Letter explaining your financial circumstances and why you can no longer afford to make payments on your home
• An Authorization Letter allowing the lender to speak directly to your agent about the home
• A Listing Contract to market your home
• Contract extensions and addenda required by your agent
• Your tax records for the past two years
• Your recent pay stubs
• A variety of government-required paperwork such as an arm's length transaction affidavit and the Dodd-Frank letter
• Bank statements

Your agent may need signatures on many copies of many documents from the beginning all the way through the end of the short sale process. Ignore the requests and you may lose a potential buyer or lose the attention of your lender's short sale negotiator.

If you live in Southwestern Illinois and need to do something to get out from under the crushing burden of your home due to a hardship in your life, call me. We can talk about your circumstances and see if a Short Sale is right for you.