As the market fell in 2005, many homeowners found themselves in upside down mortgages (they paid $300,000 for a house that is now worth only $185,000) but they did not have the economic hardship that would make them eligible to list their house as a short sale. If you find yourself in a similar predicament, your first step is to discuss the matter with your Santa Monica short sale agent. Your Santa Monica short sale agent can help you better understand your options when it comes to listing your home as a short sale.
The good news is that if you aren’t necessarily in the middle of economic hardship there are some things that you can do to help the short sale process work in your favor. The first step is to hire a competent Santa Monica short sale agent. Your agent can help you write an effective hardship letter to the bank so that you can get the short sale process started.
After that, a good real estate attorney may be able to help you negotiate the deal. If you don’t know a competent short sale attorney, you Santa Monica short sale agent can help you find one. Your attorney can help you negotiate the terms of a short sale deal.
Your Santa Monica real estate agent can also help you find a tax advisor to help you understand the tax consequences should you decide to walk away from the debt. They can even counsel you on other options such as a refinance.
Finally, if you have gathered as much information as you can, work with your Santa Monica short sale agent to fill out the paperwork for a short sale. Most banks are more willing to accept a short sale because it means that they will at least get a portion of the debt back rather than waiting for a foreclosure.