December 23, 2010 03:22 PM

Short Sell Your House — Easy Steps to Avoid Foreclosure

So you are trying to avoid foreclosure but not sure what steps you need to take.

The Lender does NOT want your home. Lenders are currently swimming in a pool of empty foreclosed homes. They have learned over the last couple of years that working with homeowners to short sell their home is more beneficial to both parties than foreclosure.

Find a REALTOR who specializes in Short Sales and Distressed Properties, someone who is familiar with your area and the current market. Finding the right person to help you with a short sale is a must. You want to make sure that they can explain the short sale process to you in detail and that they have to tools in place to make your short sale successful.

Your lender and your Realtor will need very specific financial information from you. For a list of those documents click here, it will be helpful to have these documents ready for your Realtor when they come to take the listing. The Realtor may have other docs that they require but this will give you a head start.

Having to do a short sale is stressful enough. Look at the situation for what it is, unavoidable. Realize that the Realtor will most likely need to list your home for much less than you paid. This is not a reflection of you or how you have kept your home. It is the market and nothing else. Listen to the information you are given and make the decision to leave your emotions out of it.

The short sale process can take a few weeks or several months depending on your lender. Staying in touch with your lender and your Realtor will help the process move along quicker. You can help to speed up the transaction by being available and having open and up front communications at all times.

Seek Professional Advice!!

Make sure that you understand the short sale process in full. You need to arm yourself with as much professional advice in this situation as possible. If you have questions about legal or tax implications of doing a short sale, contact a Tax Advisor or a Real Estate Attorney. It may cost you a little money now but it may also save you a lot later.

For more valuable information about short sales and the short sale process in Arizona visit our site at:

The information provided is general. Each short sale is different. If you would like a free private consultation about the short sale process please contact us. We can offer you information specific to your situation.