Where do we get quality advise on this?

JuneMrs · October 2013

We are considering selling our home and it would be a "short sale" in the sense that we owe more than the property is worth. We would like to take a loan from somewhere to pay the difference. Who is the right person to advise us? A bank? Mortgage company? Accountant? Realtor? Where is the expert?

hoffse · October 2013

That's a hard one. I might say financial adviser, although you will be paying a fee to them for that.

Otherwise, I suppose you would need to talk to the bank since presumably that's where you would get the loan from.

Why do you need to sell right now if you are upside down?

MommyLiberty5013 · October 2013

A bank or mortgage lender would be the place to start.

But, why do you have to move? Can you wait it out and let the home recoup its value so you are not upside down?

Jokerkat12 · October 2013

Hello!

I'm a Realtor and we often deal with short sales. You'll want to talk to your local agent to find out the current market value of your home and then approach your bank.

Make sure that your Realtor is experienced with short sales.

The Realtor will market the house, get the best price, and then negotiate with the bank to get them to take less than they are owed.

Where are you located? I may know someone in your area who can advise and help you.

Janessadawn · October 2013

A short sale generally is selling the house for less than what you owe, but not paying the difference. The bank then writes off the difference. They have to be on board for the whole process; you have to get their approval for a short sale to occur. While you can list the house prior to getting their approval, it isn't recommended. Once they've approved a short sale, they have to approve any offers you accept--and they can take weeks or months to do so.

Start by contacting whoever holds the loan. I believe they will only approve a short sale if you can't sell it via traditional means. A short sale is not something you want to do as your first choice--it can harm your credit. I believe you have to be struggling to make your payments in order for the bank to approve a short sale--not just "we wanna move." It is not a desirable thing, and it will negatively impact your credit and ability to buy in the future.

That said, how do you know how much your home is worth? Have you had an appraisal done? Why do you need to sell your home? If you were to sell your home for less than it's worth you might be able to get a loan to cover the difference, but unless you have something to use as security (car, boat, RV, etc) and depending on the amount you need, large amounts of unsecured credit can be hard to get. Where are you planning on living after this "short sale"?

Where do we get quality advise on this?

Re: Where do we get quality advise on this?

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