The great wave of foreclosures is still to beat the West, such as Illinois and Wisconsin in the near future, possibly in early 2010. Best way to avoid foreclosure, in particular, is to sell your home during a process called a short sale. There are some crucial moments that you need to know to navigate with the process as soon as possible.
1. The success of a process of short selling is in the package.
If you want sell your home quickly, your package short selling must be impeccable. That means you have to submit the package right from the start. Even small errors, such a page missing, you can block the sales process for months. Banks are overwhelmed by requests from homeowners. "If a negotiator finds in your file and found something missing, he or she can return to your file in a couple of months, even if you submit the missing piece of the documents in two days.
2. Each bank has different requirements when it comes to what should be included in the package. If you are trying to send yourself, make sure to find out exactly what the bank needs to declare its complete package.
3. Incomplete results in delays of additional packages (on top of delays usual due to the lack of banks).
4. When you call your bank, make sure you are talking to the person in particular (negotiator), which is dealing with your application. Get all your questions answered during a telephone session with the negotiator. Otherwise, it would surprised if the next time you get to talk to him or she is after a month or two.
5. Send your package via fax and also via certified mail. Due to a heavy workload, the representatives of the processing of applications, often forget to insert the data into your system. Asked this, they usually claim they have not received the package, as they can not find any records about it on their computers. Have your sketch ready certified mail and compare them.
6. Contact your bank for information about the status of your application at least twice a week. Be prepared to spend up to an hour on hold because trying to speak with a representative at a time.
7. Consider looking for an experienced agent, with evidence given the short sale. Success and speed of a process of short selling down in negotiations. If this is not their strongest side, hire someone who is a expert.
Vytautas Sruoga is a co-owner of Willowbrook, IL based USA Realty Group. His area of expertise is a short sale process and REO management.
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