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How to move your short-sale process along quickly

Short sales, despite the name, can take a long time to complete. A short sale can be a saving grace if you're trying to avoid foreclosure, which is why your attorney may have suggested it to you. Why does the short sale take so long, though?

Short sales take place when your loan is larger than the value of your home minus all your sale expenses. What you do as a seller is ask the bank if it will take less than is owed in lieu of finishing out your mortgage.

You may find yourself in a position where a buyer has made an offer and you've accepted, but the next step is to get the bank and creditors to accept that pricing as well. Banks and creditors, on the whole, do not want to lose money, but if there is no other option, a short sale is better than losing all the money through a bankruptcy discharge.

You can move the process along by making sure you submit all the required information, including a credit report review and hundreds of pages of documents from the realtor, together. Banks will not file or process your documents if pages are missing, and it could extend your short sale for months if you didn't submit all the paperwork together. You can have your attorney call to make sure the bank has all the information, so you know it has all arrived safely.

You can also help the bank by sending updated documents. Has your banking account changed? Have you just received a new credit or bank statement? Make sure you send that paperwork immediately, so the bank doesn't have to call and ask for them.

Source: Forbes.com, "Why Short Sales Aren't So Short," accessed Oct. 08, 2015

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