|Short Sale Guide for Home Owners|
Short Selling a Reno-Tahoe Area Property
We hope that the short sale resources and information on our site have been helpful for you to learn about this option of avoiding foreclosure. If you have reviewed all of your alternatives and have decided to further explore a short sale, we recommend you strongly consider the following:
Prepare for the Short Sale
The process of successfully selling a home through a short sale requires a great deal of patience, flexibility, communication, and timely cooperation. Selling a home through short sale is a complex process. Below is a list of key things to keep in mind to ensure your best odds for success.
Take a deep breath (you may need to repeat this a few times throughout the process as well). Here are a few suggestions:
- Patience - As you may have read in this guide, the lenders can be slow and, if there are secondary approvals, things can get even slower. Be prepared for long periods of inactivity while waiting for the lender approval.
- Availability & Response - While the banks can test your patience with slow response times, when something is needed (an additional document or decision), a timely response time can be critical. Make sure you are available to respond to your agent or lender to provide information or decisions.
- Removing "High and Low" Emotions - In our experience, the sellers who are best able to remove themselves from the emotional side of the short sale process are able to be most productive and incur the least stress. While this is easier said than done, trying to mentally and emotionally project yourself past the home sale will allow you to best manage. Your lender, real estate agent, and all other professionals involved in the process are working professionally to help you.
- You're Not Alone - As shown by the number of home sales in the region that are short sales, you are far from being alone in this endeavor. The economic down draft has and will affect many. By moving through this process, you are at the beginning of a rebuilding period and a fresh start!
While you will not need all of the required documentation at the beginning of the process, when it is needed you will want to be able to respond quickly. By starting early with a checklist you will be able to be prepared when the short sale package needs to be assembled. Many sellers will create their document collection and update it with pay stubs or changes in expenses over time so their package is always current and they are ready to respond quickly.
Hiring a Short Sale Real Estate Agent
As you can see from reviewing the information on our site, the process is lengthy and requires an agent to guide you who is skilled at complex processes, negotiation, and knowledgeable with the current environment for short sale listings. Our approach involves a small, focused team which always includes a well-versed agent, inside administrator for tracking and document processing, as well as partner relationships with short sale processors so we are always current on available information for any bank as well as the latest changes to this involved process. At a minimum, you should use the following guidelines for your check list (no specific order) when looking for assistance with a short sale listing:
- Great MLS and online exposure to market your home to buyers seeking short sale homes for sale (you will find our short sale directories ranked right up at the top of Google results - check us out:
GOOGLE "CITY short sale homes"
where CITY equals your city - Reno, Carson City, Minden etc..
- Recent success at successfully closing short sale listings
- Ability to articulate requirements and lead complex multi-party negotiations
- Willingness to listen to your situation and advise on what you may expect
- Support staff and partners who are trained and focused on processing short sale transactions
- Past client references who can share "first hand" with you their experiences
Getting Started - Consultation
If you have decided that you want to further explore and/or commit to a short sale and, perhaps, have questions about your circumstances or our experience, we'd love to talk further. We are actively listing short sale properties in Reno/Sparks, Carson City, Minden/Gardnerville, and Lake Tahoe subject to each home owner's financial and lender situation. Feel free to use the form below and we will either call or email you to further talk. Of course, phone calls are also welcome. Please do not include any confidential information such as a loan number in the comments.
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