Short selling Pasadena foreclosures is a good idea, but you have to know what you are doing if you want to be successful. With a Pasadena short sale, not only do you have to find a buyer for your property, but you also have to convince your lender to accept less than what is owed on the property. One of the worst things about short sales is how long the process is with no guarantee of success. As a seller to improve your chances of being successful with a short sale there are a few things that you need to know.
Image by Getty Images via @daylife
Tip one: Hiring a Pasadena Realtor
Hiring a Pasadena Realtor for the Pasadena short sale process is highly recommended because they can walk you through the whole process. A Pasadena Real Estate agent can also help you in finding a buyer and working out a deal with your lender. When hiring a Realtor you want to be aware of the difference between a Real Estate agent and a Realtor, Pasadena Realtors belong to the National Association of Realtors and have to follow a code of professional ethics that is all about their clients’ interests.
Tip two: Be Proactive
When you end up having to sell your home for less than what is owed chances are you are going to end up feeling frustrated because of how upsetting the thought of doing that is. What you need to remember is that no matter how upsetting the thought is many times a short sale makes things better because you can get out from under a home loan that you can no longer afford. What you need to remember is that to make it succeed you have to be willing to put forth the time and effort involved to make it happen. Being proactive helps things go faster, but can also make the process easier.
Tip three: Knowledge is Key
Pasadena short sales are a new experience for most homeowners so the more you know about the situation the better. Some things that you really want to find out about are the pros and cons of short sales, including how it is going to affect your credit, any personal liability you have, and anything else that you can find. Learning about the short sale process, such as how long it takes, what you need to do, and what information is required, is also helpful. Most of this information can be found online, but you also need to be careful of false information online. Your Pasadena Realtor is another great source for information, so choose one that is familiar with the short sale process.
Tip four: Be Prepared
The more prepared you are the better your chances of succeeding. To prepare yourself for a Pasadena short sale you will want to find out ahead of time what your lender’s requirements are, but you also have to ensure that you meet all of those requirements. If you have more than one loan secured by your house you will need to contact all of your lenders to find out what they require. For example, some lenders require you to provide proof of a financial hardship, while others might require you to show that your current mortgage is delinquent or that your income has dropped. In talking to the lender, you will also want to find out about the difference owed because in some cases you might be responsible for paying it back.
Tip five: Getting a Good Price
Getting a good price for your home will improve your chances of getting the short sale approved by your lender, but will also reduce the shortfall. Reducing the shortfall provides numerous advantages depending on your situation, but can include lowering any taxes you might owe and reducing your personal liability. To help get a good price for your home you will want to do what you can to improve the marketability of your home. Improving your home’s marketability doesn’t mean you have to spend a lot of money, but it does mean putting in time to clean up your house. Keeping the yard maintained and getting rid of any clutter around the house can help improve the appearance of the house, but making repairs can help improve it even more. Your Pasadena Realtor can provide you with other ideas on what you can do to improve the marketability of your property.
Tip six: Getting a Good Buyer
When looking for a buyer you want to find one that is going to be willing to wait until your lender approves the short sale, which can take weeks or even months. Once the lender approves the short sale, you want to have a buyer that will move quickly to close the deal before the offer expires. Finding a good buyer can be hard because you can’t really prescreen them, but there are some things you can do. One thing you can do is ask the buyer to verify their ability to purchase the home, such as an approval letter or the source of their down payment and closing costs. Asking beforehand might be awkward, but it is better than finding now than getting your hopes up to close the deal. Something else you can do is work out something with the buyer, such as a good faith deposit or a large down payment to show that they are serious. You can also work out time frames for the buyer to do everything that they need to when trying to close the deal.
Tip eight: Pasadena short sale Package
When dealing with short sales you will be amazed at all of the paperwork involved. One of the best ways to speed up the process is to turn in a complete short sale package to your lender, which means turning in all of the documents and information that is required all at once. If you turn it in piece by piece you run the risk of facing numerous delays.
Tip nine: Patience
The hardest part about the Pasadena short sale is the time it takes to hear back from your lender in regards to whether it was approved or not. All that you can do is be patient in waiting for a response, but you can also call your lender to ensure that everything is on track. The more persistent you are the better your chances of things going smoothly.
Tip ten: Scam Artists
You want to be on the lookout for scam artists because that will cause more problems than you need. When you are distressed chances are you will believe anything to get you out of a bad situation quickly. Knowing the common signs to look for to spot a scam will help you avoid being a victim. Some common signs are asking for money upfront or making promises that sound too good to be true.
Image by Getty Images via @daylife Tip one: Hiring a Pasadena Realtor
Hiring a Pasadena Realtor for the Pasadena short sale process is highly recommended because they can walk you through the whole process. A Pasadena Real Estate agent can also help you in finding a buyer and working out a deal with your lender. When hiring a Realtor you want to be aware of the difference between a Real Estate agent and a Realtor, Pasadena Realtors belong to the National Association of Realtors and have to follow a code of professional ethics that is all about their clients’ interests.
Tip two: Be Proactive
When you end up having to sell your home for less than what is owed chances are you are going to end up feeling frustrated because of how upsetting the thought of doing that is. What you need to remember is that no matter how upsetting the thought is many times a short sale makes things better because you can get out from under a home loan that you can no longer afford. What you need to remember is that to make it succeed you have to be willing to put forth the time and effort involved to make it happen. Being proactive helps things go faster, but can also make the process easier.
Tip three: Knowledge is Key
Pasadena short sales are a new experience for most homeowners so the more you know about the situation the better. Some things that you really want to find out about are the pros and cons of short sales, including how it is going to affect your credit, any personal liability you have, and anything else that you can find. Learning about the short sale process, such as how long it takes, what you need to do, and what information is required, is also helpful. Most of this information can be found online, but you also need to be careful of false information online. Your Pasadena Realtor is another great source for information, so choose one that is familiar with the short sale process.
Tip four: Be Prepared
The more prepared you are the better your chances of succeeding. To prepare yourself for a Pasadena short sale you will want to find out ahead of time what your lender’s requirements are, but you also have to ensure that you meet all of those requirements. If you have more than one loan secured by your house you will need to contact all of your lenders to find out what they require. For example, some lenders require you to provide proof of a financial hardship, while others might require you to show that your current mortgage is delinquent or that your income has dropped. In talking to the lender, you will also want to find out about the difference owed because in some cases you might be responsible for paying it back.
Tip five: Getting a Good Price
Getting a good price for your home will improve your chances of getting the short sale approved by your lender, but will also reduce the shortfall. Reducing the shortfall provides numerous advantages depending on your situation, but can include lowering any taxes you might owe and reducing your personal liability. To help get a good price for your home you will want to do what you can to improve the marketability of your home. Improving your home’s marketability doesn’t mean you have to spend a lot of money, but it does mean putting in time to clean up your house. Keeping the yard maintained and getting rid of any clutter around the house can help improve the appearance of the house, but making repairs can help improve it even more. Your Pasadena Realtor can provide you with other ideas on what you can do to improve the marketability of your property.
Tip six: Getting a Good Buyer
When looking for a buyer you want to find one that is going to be willing to wait until your lender approves the short sale, which can take weeks or even months. Once the lender approves the short sale, you want to have a buyer that will move quickly to close the deal before the offer expires. Finding a good buyer can be hard because you can’t really prescreen them, but there are some things you can do. One thing you can do is ask the buyer to verify their ability to purchase the home, such as an approval letter or the source of their down payment and closing costs. Asking beforehand might be awkward, but it is better than finding now than getting your hopes up to close the deal. Something else you can do is work out something with the buyer, such as a good faith deposit or a large down payment to show that they are serious. You can also work out time frames for the buyer to do everything that they need to when trying to close the deal.
Tip eight: Pasadena short sale Package
When dealing with short sales you will be amazed at all of the paperwork involved. One of the best ways to speed up the process is to turn in a complete short sale package to your lender, which means turning in all of the documents and information that is required all at once. If you turn it in piece by piece you run the risk of facing numerous delays.
Tip nine: Patience
The hardest part about the Pasadena short sale is the time it takes to hear back from your lender in regards to whether it was approved or not. All that you can do is be patient in waiting for a response, but you can also call your lender to ensure that everything is on track. The more persistent you are the better your chances of things going smoothly.
Tip ten: Scam Artists
You want to be on the lookout for scam artists because that will cause more problems than you need. When you are distressed chances are you will believe anything to get you out of a bad situation quickly. Knowing the common signs to look for to spot a scam will help you avoid being a victim. Some common signs are asking for money upfront or making promises that sound too good to be true.
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