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Feb
09

Short Sale Your Home: A Seller’s Real Estate Guide – Tip #1 Organize the Basics

By LasVegasShortSales

Tip #1 – Your Short Sale Exit Strategy: Organize the Basics

Let’s face it, one of the main emotional reasons why a homeowner decides to sell their home as a short sale is to get closure.  Initially, the financially tangible reasons are more obvious to them – drastic and permanent home equity loss, ballooning mortgage payments, decreased income, complete job loss, costly health issues, job transfer, and divorce to name the most common.  Such plainly obvious life events are the root causes and motivation for a homeowner to pursue a short sale as a proactive means to an end.  It is how they will find closure from an unexpected and difficult burden so they can get on with their lives.

All homeowners who choose to sell their home and are faced with a short sale must actively organize basic resources.

  1. Create a short sale file…or box or tote or bin.
    • Any real estate transaction requires a lot of documentation and a short sale is no exception.  In fact, a short sale demands additional paperwork that must be organized and accessible.  You need to treat this documentation with as much reverence as your tax documents.  You should know where the file is at all times and it should remain easily accessible even after you sell your home and move.  You will need this file when filing for future taxes and potential legal matters that may need to be handled long after the sale.  Save yourself unnecessary heart burn and late night anxiety attacks with some basic organization.
  2. Assemble a team of trusted advisors…including a REALTOR®, attorney(s), and accountant.
    • Sellers need an experienced REALTOR® or team of real estate agents that are experienced in understanding contracts, negotiations, and disclosures related to short sales. Of course, that’s not all, they also need to be great communicators with buyer’s agents, the seller’s banks, naturally persistent, and possess a lot of intestinal fortitude.  In addition, sellers need to have a trusted tax advisor and an attorney (or two) experienced in short sale/foreclosure law, real estate law, and possibly bankruptcy law.  Each type of professional has their own unique expertise in helping a homeowner navigate the short sale process before and after the home is sold.  There are specific laws and potential liabilities associated with short sales so having a qualified team of advisors is imperative to guide a homeowner through this very dynamic and life changing action.

In future short sale tips I will outline what documents must be maintained in a short sale file and how REALTORS®, attorneys, and accountants support a homeowner in the short sale process.

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? The Serra Group is here for your confidential, no obligation consultation.

Contact Stephanie at 497-7705 or stephanie@realtyaccess.net to proactively discuss options for your future.

Related posts:

  1. What Short Sale Sellers Should Know About the New Short Sale Guidelines (HAFA)
  2. Las Vegas Real Estate and Short Sale Market Report: 11/18/09
  3. Las Vegas Short Sale and Real Estate Market Report for May 2010

Categories : Short Sale Tips

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