In a recent issue of Illinois REALTOR® magazine, we talked to REALTORS® in the short sale trenches and got some of their ideas for what works and what doesn’t when it comes to this particular transaction.
Here are a few of their tips and you can find the rest in the Illinois REALTOR® article, “Short Sales.”
- If you are a listing agent for a client looking to sell their home through a short sale, first determine if they have a real, qualifying hardship.
- Agents representing both the buyers and the sellers need to keep the lines of communication open.
- Even though it is a short sale, buyers need to submit a reasonable offer.
- Get all the documentation and lender authorizations in order at the outset.
- When you hit a roadblock with a lender, know who else to contact to keep the short sale moving forward.
Speaking of short sales, U.S. Treasury officials are looking to boost adoption of the federal Home Affordable Foreclosure Alternatives (HAFA) Program for short sales and they want to hear from Illinois REALTORS® about what is working and what more can be done.
Tell us about your HAFA experiences, both good and bad, by e-mailing IAR at email@example.com and your comments will be shared with Treasury officials.