Short sales are one of the most popular and successful options that Orange County homeowners are choosing to get out of their underwater homes and avoid foreclosure. If you’re considering an Orange County short sale here are the seven steps that you need to follow to successfully sell your home in an Orange County short sale.
Step 1 – Start Talking To People
The first thing that you need to do to start the a short sale in Orange County is to start talking to people, you should talk with your CPA, Orange County real estate agent and your real estate attorney. Why should you talk with these three people instead of just moving forward with your short sale? By talking with more than one party you will be able to get accurate advice and know whether or not you should pursue other options like loan modification, bankruptcy or foreclosure. Sometimes there are other options on the table that you should consider before going with short sale.
Step 2 – Find A Top Orange County Real Estate Agent
Once you decide to move forward with your short sale in Orange County California you should an Orange County real estate agent who has experience with short sales and has closed at least 10 or more short sales in the last year. It’s important to verify the short sale agent’s level of experience first because, many agents will go through a weekend class and claim to be experienced with short sales but it’s the agent who can back up their claims with verifiable experience with potential clients.
Step 3 – What Is Your Homes Value?
After you’ve hired an Orange County realtor, the next step is to have them to find out how much your home is worth. Your realtor will find your homes value by reviewing home sales in the area that have closed recently and also by viewing homes that are for sale nearby.
Step 4 – Collect The Right Documents
Your lender will require you to collect the following documents including: two years worth of income tax returns, W2 forms, bank statements and records for other sources of income.
Step 5 – Choose The Right Price
After consulting with your top Orange County realtor you should set your homes price a little bit above market value, this step is important because, you will have room to negotiate and go down in price slightly just in case you need to.
Step 6 – Get Paid To Short Sell
Depending on your lender, you could get paid up to $35,000 to short sell your home so before moving forward, make sure that you verify how much money you could receive because, if your lender won’t pay you, it’s very possible that you could qualify to get paid from a federal program to short sell your home.
Step 7 – Be Patient
Depending on lender, your short sale could take 30 days or longer to complete so it’s important to be prepared to wait especially if your lender asks you to submit more documents before approving your short sale.
Don’t go through an Orange County short sale alone, contact one of the friendly real estate agents at Fred Sed & Associates today to help you successfully navigate through the short sale process.