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The great wave of executions continues to hit the Midwestern states like Illinois or Wisconsin in the near future, possibly at the beginning of 2010. The best way to avoid foreclosure, in particular, is selling his house for a process called a short sale. There are some crucial moments you need to know to navigate the process as soon as possible.
1. A successful short sale process is in the package.
If you want to sell your house quickly, the short sale package must be impeccable. That means you need to submit the package right from the start. Even the smallest mistakes, like a page missing, can paralyze the sales process for months. The banks are overwhelmed with requests from homeowners. "If a negotiator of the controls in your and find something missing, he or she may return to your file in a couple of months, even the thought of sending the missing piece of paper in two days.
2. Each bank has different requirements regarding what must be included in the package. If you are trying to present yourself, make sure you know exactly what your bank needs in order to consider the entire package.
3. Results incomplete package in additional delays (in the top of the usual delays due to the failure of banks).
4. When you call your bank, make sure you're talking to the person in particular (business) to is responsible for its implementation. Get all your questions during a phone with the negotiator. Otherwise, do not be surprised if the next time you get to talk to he or she is, after a month or two.
5. Send your package to the fax and also through mail. Because of the enormous workload, the representatives of processing applications often forget to enter data into your system. When asked about it, usually say that have not received the package as it can find no record of it on their computers. Have your certified mail receipt, ready and deal with them.
6. Contact the bank to ask about the status of your application at least twice a week. Be prepared to spend up to an hour on hold trying to talk why with a representative from each.
7. Consider looking for an agent with proven experience in short selling. The success and speed of a short sale process provided for in the negotiations. If this is not its strongest point, hire someone who is an expert in the field.
Vytautas Sruoga is a co-owner of Willowbrook, IL based USA Realty Group. His area of expertise is a short sale process and REO management.
