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Short Sale – COHFP.com

by COHFP


A short sale is a process in which a homeowner sells their property for less than the amount they owe on their mortgage. This can help them avoid foreclosure and reduce the impact on their credit score. However, a short sale is not a simple or easy option. It requires careful planning, negotiation, and patience. Here are some of the steps involved in a short sale.

Step 1: Determine if you qualify for a short sale.

Also See: How to Know if You Are Eligible for a Short Sale

Step 2: Contact your lender and request a short sale package.

Also See: What to Expect from Your Lender When You Ask for a Short Sale

Step 3: Hire a real estate agent who specializes in short sales.

Also See: Why You Need a Professional Agent to Handle Your Short Sale

Step 4: Prepare and submit the required documents to your lender.

Also See: The Essential Paperwork You Need for a Successful Short Sale

Step 5: List your property and market it to potential buyers.

Also See: How to Attract Buyers for Your Short Sale Property

Step 6: Review and negotiate the offers you receive.

Also See: How to Evaluate and Negotiate Short Sale Offers

Step 7: Obtain approval from your lender and other lien holders.

Also See: How to Get Your Lender and Other Creditors to Agree to Your Short Sale

Step 8: Close the deal and move out of your property.

Also See: The Final Steps of Completing Your Short Sale



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