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Before Short Selling Your Home

What is a short sale? A short sale is when a homeowner that's in bad financial state has to sell his house for less than what is due on his mortgage and all of the proceeds go to the lender. A short sale isn't fun but it does give an alternative to foreclosures. If you're considering short selling your home, here are a few things you should know.

Talk to others. You need to make sure that you're talking to the right people such as a CPA, a real estate attorney and a qualified real estate agent according to AOL.com. You need these people because they're aware of the laws and not all states have the same laws. If you check with these experts first, you'll feel more at ease going ahead with your short sale.

Agent. Make sure you find the right one. Some agents have fancy titles next to their names but simply because they've passed a few courses and earned those titles, doesn't mean they know what they're doing. If you're looking to use titles as a guideline to finding the right agent, then look for CDPE ( Certified Distressed Property Experts) or National Association of Realtors Short Sale Specialists. Also make sure to ask them important questions such as: “How many short sale listing do you have? How many have become foreclosures?” Remember if something is too good to be true than it probably is.

What's your house worth? A short sale can sometimes take time and before starting this process, you need to make sure regarding the value of your house. One way of doing that, is by using AOL Real Estate's home value generator. This tool will give you the value of your house by comparing it to others in the neighborhood.

Price. If you're not selling, remember to lower the price at pre-determined intervals. This will speed up the process and get your place sold faster.

Documents. Once a purchase is made, your lender will ask you for a hardship letter, tax returns and pay stubs. Have those documents ready.

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