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Real Estate Tips

Short Sales >3. How to Prepare for a Short Sale

If a homeowner is facing foreclosure and wishes to explore short selling their home as an alternative, it is crucial to get help from a trusted real estate agent. With the agent’s help, this is how the homeowner will prepare to short sell their home:

  1. Agreement. The homeowner must get the lender to agree to sell the home at a loss.
  2. Documentation. If the lender agrees to a short sale, the homeowner will need to provide documentation to the lender indicating that he or she is financially incapable of paying for the loan. It depends on the lender, but the documentation usually required can include:
    • A hardship letter explaining why the homeowner is unable to pay the mortgage.
    • Recent tax return forms, W2 forms, and/or 1099s.
    • Recent paystubs.
    • Financial statement detailing list of assets and liabilities.
  3. Consultation. The last thing a financially stressed homeowner needs is more financial stress. The homeowner should consult with an attorney to find out whether or not difference between what the home is worth and what the home sells for will be taxed.
  4. Communication. Everyone needs to communicate during this process. The homeowner needs to communicate with the lender to make sure the lender has everything needed to apply for the short sale. The homeowner and the lender need to be in constant contact with potential buyers to make sure they stick around.

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Real Estate Trivia

Q 
What site discovered in 1965 is considered the world's oldest known habitation?

A 
The Terra Amata site in Nice, France has the remains of 21 huts belonging to the Acheulian culture from 400,000 years ago.
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Sharon Jagoda Sigman, REALTOR®, real estate agent and broker for Kansas City, Overland Park, Prairie Village, Lenexa, Mission Hills, Liberty and Leawood, Kansas home listings, property and land for sale - NUMBER1EXPERT

Sharon Jagoda Sigman
WEICHERT, REALTORS® - Graham Welch

5200 W 94th Terr, Suite 202
Overland Park, KS 66207
office: 913-381-6789
Toll Free: 800-291-1302
home office: 913-381-6794
Fax: 866-714-4532
cell phone: 913-488-8300
Email: Sharon@HomesInKansasCity.com
email: sharon@kchomes.net

As a native to Kansas and a former area high school English teacher in the Shawnee Mission school district, I am able to give buyers extra assistance and information on schools and the city. My license plate "REALTOR" lets everyone know my profession. My customers find that I am easy to work with and an excellent negotiator. My slogan "choose this LEFT handed realtor to help you make the RIGHT move" expresses my desire to help my buyers find the right home or my sellers to find the right buyer for the best price and terms. I have had my brokers/realtors licenses for over 25 years and have consistently been one of the top 5 realtors in the city on both the Kansas and Missouri sides. I hold various designations and degrees: CRS (certified real estate specialist..only 5% of Realtors belong), Number1 Expert with top DIAMOND designation, ABR (accredited buyers agent), SRES(senior citizen representative), CSP (certified new sales consultant-to build) and e-PRO. My education consists of BA and Masters from University of California at Berkeley. I have 3 daughters, 1 dog and 1 cat. My recently licensed Schipperke, Skipper, was rescued by me from a local animal shelter so he helps me find some DOG GONE good homes for my clients! I belong to various organizations like Friends of Art, Friends of the Zoo, Native Sons of Kansas City, Hadassah, Brandeis, local and national realtor organizations. My hobbies are art, traveling, reading, paintin, working out, and horse back riding. My other web sites are www.GreaterKansasCityHomes.com www.GreaterKansasCityHomesAndLand.com www.KCHomes.net www.sharonsigman.com www.realestateinoverlandpark.com www.isellkansashomes. con www.homesinkansascity.com. I have a toll free 800 number ( 800-291-1302 )that follows me. Facebook me www.facebook.com/sharon.sigman Sharon Sigman 913-488-8300 Sharon@HomesInKansasCity.com

ABR CPS CRS CRS ePro Equal Housing MLS REALTOR SRES wcr


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