Selling your home via a brief sale can be a viable choice if you’re a homeowner facing foreclosure. However, navigating the brief sale process can be somewhat challenging and frustrating without the proper advice. Professionals such as real estate agents are available to assist sellers in attaining a successful short sale transaction.


If you fall behind on your mortgage obligations, or the worth of your home is less than the balance owed, a brief sale may be an alternative. For a discounted price acceptable to your creditor, you sell your house with a brief sale. Once the sale is done, the lender will get rid of the existing mortgage. It is up to the creditor to accept any brief sale offers on your home, so just because you record it as a brief sale doesn’t mean it will be accepted.


In order to be considered for a brief sale, you have to demonstrate financial hardship by providing appropriate financial documentation to your creditor. Additionally, the value of the home must be less than the amount owed. The lender won’t approve a brief sale when he can recoup the mortgage with a regular sale. And you can’have no other assets that you can get to assist in paying down the mortgage.

Contact an Agent

If you believe you qualify to sell your home via a brief sale, contact a real estate agent that specializes in short sales. The agent can verify whether you would really make a good candidate for a short sale. As soon as you decide to pursue a brief sale, you will need to sign a written consent so that the agent can contact your lender on your behalf. The actual estate agent will have the lender send you a brief sale package, if one is available. Additionally, you have to sign a listing agreement with the real estate agent so that your home can be put on the market immediately at the low end of fair market value. Normally, brokers indicate that the property is a brief sale in personal opinions seen only by other brokers.

Gather Documentation

Compile documentation demonstrating your current financial standing. You will need about two weeks ' value of bank statements, copies of your current bills and your recent income tax records. The package should also include information about any assets you have, copies of your pay check or documentation of your earnings. Also include a copy of your listing agreement. Finally, you have to incorporate a hardship letter detailing the situation surrounding your negative financial circumstance. Depending on the lender, you may either submit the financial documentation once the property is listed or any time you’ve got a sales contract on your home.

Economy Home

As soon as you have an offer, you need to submit the documents required by the lender. Each lender has specific record requirements for your brief sale process as soon as you’ve got an offer, and your agent will communicate the process to you. Send the proposal package to your creditor using certified mail. Then have your agent continually follow up with the creditor in order to receive a timely reply to the proposed deal. If the lender accepts the proposal, then close the deal. If the lender rejects the agreement, request a motive in writing for the rejection, and continually use the creditor to negotiate a transaction that is agreeable to both parties.

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