If you are looking for homes for sale in Twin Falls, you have heard the term “short sale.”  In my previous two posts, we talked about the definition of a short sale and what a homeowner needs to provide when starting the short sale process.  Today I will talk about what your agent should do for you, if you are the homeowner in a short sale.

First and most important is your agents knowledge and experience with the process (from start to finish) of a short sale.  Your agent will walk you through every step of the process.  Please remember it can be a timely process.  Some things to expect from your agent are:

• Market analysis of your property including market value, number of competing homes and estimated days on the market
• Title search for the property (this will determine the majority of possible liens against the property)
• Various documents including a listing agreement, property disclosure, Short Sale Addendums and Third Party Lender Addendums
• Communication with all lien holders.  This will take place upon the completion of the above and after the first initial meeting with the homeowner.  This is where the negotiations begin with the lender.  It is imperative that your agent has all of the correct information prior to proceeding to this step in order to request, explain and negotiate the short sale process.

Once again, whether you are a seller struggling to make your payments or buying a home in Twin Falls, understanding a short sale is important to you too! Short sales in Twin Falls are just as common as short sales across the nation.

In my last post we learned the definition of a short sale.  In this message we will learn a little about what you need to provide to accomplish a successful short sale.

I mentioned in my previous post that the key factors in a successful short sale are communication, cooperation and patience.  It is important for your real estate agent to communicate to you what is needed, how the process works and what to expect.  Your agent’s knowledge and your cooperation is the beginning of a smooth process.

Step One is compiling the necessary documents needed to start the short sale process. Some of the items you need to provide are:

• Copy of current statements for all lien holder against the property
• A hardship letter
• Proof of income for the past two months (typically copies of current pay stubs)
• Income and expense statements
• Copies of your last two years tax returns
• Signed authorization for your agent to communicate with your lender

Your agent will explain more in detail what these documents are during your first initial meeting.

For buyers who are wanting in on the short sale properties, remember, when your agent is searching for homes for sale in Twin Falls, they now have the option to search short sales in Twin Falls and outer-lying areas.