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Pushing forward with a residential short sale

When a home is up for a short sale, both parties involved with the transaction are likely to want the process to move forward at a reasonable pace. Sellers in short sales are usually motivated by the desire to find relief from the burden of an underwater mortgage and buyers are often excited by the idea of owning a home. Anyone in Charleston who has gone through the process knows that efficiently completing a short sale is likely in the interests of all parties involved.

Although a short sale can provide opportunities for sellers and buyers, they are known to be complex and move at a slow pace. Real estate observers note that one of the biggest components in the success or failure of a short sale is the listing agent, which is the person responsible for handling a real estate transaction on behalf of the seller. This individual provides critical information to the mortgage lender in order to receive approval.

The documentation provided to the mortgage lender is really the crux of a short sale. If a seller can ensure they have up-to-date, accurate financial documents, the mortgage lender can approve or deny the sale in a much more timely fashion.

Financially distressed homeowners obviously have a lot on their plate. Finding debt relief while navigating the short sale process can be very complicated. Beyond that, if a real estate transaction isn't properly handled, it can obviously create a number of problems for everyone involved. This is why it's helpful to make sure you are well-prepared when looking to list or purchase a home on the short sale market.

Source: Forbes, "Why Short Sales Aren't So Short," March 15, 2013

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