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Short Sale Tips |
Nothing is as damaging for your credit record as foreclosures. In case
you face property foreclosure, you are recommended to take into
consideration a short sale to sell your property and avoid foreclosure.
Short sale procedure is not very difficult. There exist 3 stages of
short sale process. They include pre-qualification, approval of real
estate property or businesses for sale, and sale closing.
Pre-qualification is the stage of coming into contact with the lending
institution in case you want to sell your property with the purpose to
avoid foreclosure. Usually lending institutions have a special
application form. They can fax it or email. This application will give
you information on the documents you will have to submit to the lending
institution. It will find out whether it is possible to resort to short
sale or foreclosure is the only option.
Then you will have to market your property for sale to find a buyer.
This may require services of a realtor, advertising property in the
newspapers or other publications. After finding a buyer, you will have
to submit the contract together with the credentials of a buyer to the
lending institution. In case the offer is accepted by the lender, the
deal will be sent to a title company. After completion of all the
stages your credit record will be better, if you manage to avoid
foreclosure. |
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