Anyone facing foreclosure knows that time is of the essence. Mortgage lenders rarely wait around before taking action on a borrower who has missed a payment, which means that getting control of the situation must happen quickly. While short sales are known for being a long, drawn out process, there are ways to speed up the process and help secure a deal in less time.
The Fast Track
Selling a home in a short sale does require time and patience, but it certainly does not have to take months on end. It is important that the seller find out exactly what the lender is looking for in an offer. This means staying in open communication with the lender and asking questions. Even though a short sale is offered for less than market value, the lender is always working to get the most out of an offer.
It is the seller’s job to know what the lender wants and is willing to accept in an offer. For example, find out if the lender is selling as is or is willing to offer concessions at closing; or if the lender will only accept buyer financed offers or is willing to pay some of the closing costs. Answers to these questions can help the seller secure the best deal possible, saving the lender time in deciding. Sellers must be willing to be tough negotiators in order to get the best offer on the property. A multiple offer situation is ideal as it gives the lender options to choose from when making the decision to accept or reject an offer.