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.