To help ensure success, here are some good tips for selling in a short sale situation in La Quinta:

Work with an experienced short sale Realtor in La Quinta: One of the best things you can do in a short sale is sign-up with a qualified Realtor to guide you through the process. The real estate agent will represent you in finding a buyer and negotiating the short sale with your lender.

• Take a proactive approach: When you're an upside down seller owing more on your mortgage than your property is worth, the prospect of selling short is likely to be upsetting. Despite the grim realities, selling in a short sale may get you out of a bad situation. Be prepared to provide your La Quinta short sale Realtor with the past two years tax returns, two months bank statements, two months pay stubs, a copy of your mortgage statement, a hardship letter stating reason for your hardship, and a monthly break down of household expenses.
  
  
• Knowledge is your friend: A short sale is a new experience for most homeowners in La Quinta, but knowledge is a key to success. You should know the pros and cons of a short sale, including credit, tax, liability, and other potential consequences. You should also understand the overall short sale process: what you need to do, how long the process may take, and what the common pitfalls may be. Your experienced short sale Realtor in La Quinta can provide you with this information.
  
  
• Do your homework: As early in the game as possible, determine your lender's short sale requirements and whether you satisfy those requirements - your real estate agent can help you with this! If you have multiple loans or other interests secured by your property, you may have to get a short sale approval from all of those creditors. Every lenders requirements are different. Not only that, but a lender's requirements may change over time. To approve a short sale, your lender may require that you demonstrate and document a true financial hardship, such as job loss, illness, disability, or death of a co-owner. A decline in property value alone may not be enough to demonstrate a financial hardship. Your lender may have other eligibility requirements, such as a current delinquency in mortgage payments, income verification, or property valuation. You should also determine how your lender intends to treat the shortfall (or the difference between your loan balance and the payoff amount.) Your lender may forgive the debt, refuse to forgive the debt, require you to repay it, require you to make cash contribution, or say nothing at all about it.

For a free consultation on short selling your home, contact me today!

_{*2010 California Association of Realtors (C.A.R.) The information contained herein is believed to be accurate as of May 24, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice.}