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What is Short-Sale Negotiation?

If your house has declined in value and you owe more on the loan than the property is worth, a short sale might be an option to help you stop foreclosure. With a short sale, a lender agrees to accept the market value of the home as payoff for the mortgage loan, even if the market value does not cover the amount of the note

A short sale can help the homeowner to relieve the stress of foreclosure and reduce any ongoing credit damage. Here are some simple steps to follow when choosing Short Sale as an option:

  1. Verify the value of the property—Preferrably through a real estate agent , but personal research and analysis into the real estate market around you to may also suffice. This is a very important part of the process, because if you do not know the value, you do not have anything to go off of when trying to process the short sale.
  2. Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), contact someone specializing in this area and ask them as a seller, what the closing costs will be.
  3. Determine the amount owed against the property. This will be the total of all loans against the property.
  4. Do the calculations. Subtract the total amount owed against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
  5. Contact the lender or lenders. Never try to take care of a short sale on your own, there is always someone who knows more about a situation such as this and that is willing to help you.
  6. Sell the property.

When thinking about Short Sale as an option, remember that it is an alternative option to foreclosure and made instead of having to foreclose your house. It can typically be closed faster and be less expensive than a foreclosure. If the bank is open to a short sale negotiation and the borrower wants to keep the house, then the bank may also consider a short-refinance.