Step One
Verify the value of your property with the assistance of an experienced Realtor.
Step Two
The Realtor will assist you with adding up all the costs of selling the property.
Step Three
Determine the amount owed against the property. This will be the total of all loans against the property.
Step Four
Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
Step Five
Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority.
Step Six
Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Others will look to the agents involved or anyone else who's making money off the transaction to see if they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other.
Step Seven
Sell the property with the assistance of an experienced Realtor. Together you will speak to the lender(s) to work out the situation that works best for both you and the lender.
|
|