What are your options for needing to sell fast?
ARE YOU CURRENTLY BEHIND IN YOUR MORTGAGE PAYMENTS?
ARE YOU NOT SURE HOW YOU’RE GOING TO MAKE YOUR NEXT MORTGAGE PAYMENT?
ARE YOU AFRAID YOUR CREDIT IS RUINED AND YOU’LL NEED TO FORECLOSE?
DO YOU FEEL LIKE COMPLETELY GIVING UP?
If you answered yes to any of these questions all may not be lost. You may not even be aware of the programs and alternatives set up to help people just like yourself in these types of situations.
There is an alternative to foreclosure that can save your credit, get you out of your mortgage payments, and on with your life with minimal hassles. The answer is a short sale. A short sale is simply this; selling a house for less than what is owed in the mortgage.
It must be approved by your lender and you will not be responsible for the difference between what the house is sold for and how much you owe on it. You are basically asking the lender to waive the remaining debt owed on the mortgage in return for them selling the house for less than you owe.
While most lenders conduct short sales, not all will perform these so it’s best to contact your lender immediately and let them know your situation and if they can perform short sales. The next step is to contact a short sale real estate agent. It’s best to enlist the help of an agent or broker that knows the short sale process rather than just any agent because a short sale is a little more complicated and requires more documents and time.
Here are the steps in order to get you started on your Palm Springs area short sale:
Contact your lender and let them know your financial situation and ask if they conduct short sales
Contact a Palm Desert short sale Realtor® (like me) and explain your situation and how to proceed from here
Write a letter of hardship explaining your financial situation and why you can no longer make your mortgage payment. If you’re unsure how to conduct this letter ask your short sale Realtor®
This will get you started down the short sale process. Because there are many steps involved you will want an agent in your lender both on your side working for you. But the first step has to be with you. You can also find a cash buyer for a fast sale but you may not get as much for your home, especially if you are underwater. If you are unsure where to start or just need some advice please contact me directly. We deal with dozens of Palm Desert short sales every year and can help get you back on the right track soon.