Understand Shortsale Process in Texas

Many people are having problems paying their mortgage. Despite the fact that you have a job where you earn money that you can use to make repayments, various problems that people encounter because of the recession will hinder them to do their part of paying what they have owed. As a result, your property will soon be foreclosed thus taking away your rights. So in order to prevent foreclosure, putting the property for short sale can be the best option in some cases.

Find out which option is best for you without having to read through tons of websites! Contact Save My Texas Home today and we can put together a list of all available options, help you decide which are best for you, and even help you take the action required to stop foreclosure now!

How Short Sale Works?

In short sale, you will have to sell your property with an amount lower that your mortgage. The lender should agree of selling your property at a discounted price. Once your property had been sold, then you will be free from your existing mortgage. The lender will decide if they will accept your property for a short sale or not.
How to Identify if You Are Qualified for a Short Sale
If you are not aware if you are capable for a short sale then listed below are the criteria.
• You have to prove the lender that you are going through financial difficulties.
• The amount of your property is less than the amount of money that you have owed.
• You don’t have any assets to repay your mortgage, making a short sale your only option.
How to Sell a Short Sale Property

It will never be an easy task for anyone to sell a short sale property in Texas especially if you lack the knowledge and skills that you will use when looking for a buyer. This is when you have to think of hiring a real estate agent. Knowing that they have gained experiences in buying and selling a house, it would be easier for you to sell a short sale property thus saving you time and effort.

When choosing a real estate agent, you have to go for someone that has been practicing the profession for years. You can read their background so that you can decide if they are worth hiring for and can render you quality service. You also have to look at their rates and go for the one that charges a fair cost.

You will give an authorization to the agent to transact with the lender. You also need to sign an agreement that you are putting your house for a sale. You have to provide the lender important documentation that includes your financial standing, assets that you have, proof that you are unemployed, and a letter telling the lender about the struggle that you are facing regarding your finances.

If you have an offer, then you need to provide the documentation asked by the lender. If the proposal was accepted by the lender, then the deal will be closed. And if it is rejected then you can demand the reason why they have rejected the proposal. You can continue working with the lender until you can come up with a proposal that is favorable to both parties.

Let Save My Texas Home do this work for you. Contact us for free and we’ll also tell you if there are better options available for you to stop foreclosure.

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