Short sales have become the only way out for some sellers who owe more on their mortgages than their houses are worth. For struggling borrowers, a short sale might be a chance to avoid foreclosure. Here are some tips you must know when short selling your home.
1. Choose an agent experienced in short sales. You want an agent who will stay on top of the game until the deal is closed.
2. You can negotiate your way out of deficiency. Some lenders may ask you to sign a promissory note for at least a small portion of the balance, usually cents on the dollar, or they may ask for a lump sum.
3. Keep up with HOA payments. If you are thinking about short selling your home, don’t stop paying your homeowners association dues.
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