Short Sales Tips for Sellers

• Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and consult a real estate attorney and/or who specialize in short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:

Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

Help you set an appropriate listing price for your home, market the home, and get it sold.

Ease the process of working with your lender or lenders.

Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval.

• Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:

A hardship letter detailing your financial situation and why you need the short sale.

A copy of the purchase contract and listing agreement.

Proof of your income and assets.

Copies of your federal income tax returns for the past two years.

• Having a Short Sale may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.