How can you speed up a short sale in Colorado Springs? A short sale can take between three to six months just to get approved by your lender. From there, it may take another one to two months for the sale to be finalized.
So, what can you do if you don’t have that much time? In this post, our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss seven tips you can use to speed up a short sale.
Key Takeaways:
- A short sale can take between three to six months just to get approved by your lender. From there, it may take another one to two months for the sale to be finalized.
- As soon as you know you want to go through a short sale, start gathering all the necessary financial documents to prove financial hardship to your lender.
- An experienced realtor can complete the selling process much faster than an inexperienced agent, negotiate with the lender on your behalf, and find buyers for your property.
How Can You Speed Up a Short Sale?
Prepare Necessary Documentation
As soon as you know you want to go through a short sale, start gathering all the necessary financial documents to prove financial hardship to your lender. These documents include bank statements, pay stubs, tax returns, and a hardship letter explaining your inability to make mortgage payments. Have these documents ready to go so you can give them to the lender as fast as possible.
Apply For Approval ASAP
Reach out to your lender as soon as you’re ready to begin the short sale process. You likely won’t be able to speed up how long they take to review and process your information, so get started as soon as you can.
Work with an Experienced Real Estate Agent
Short sales are more complicated than traditional sales, so it’s essential to work with a realtor who’s handled them before. An experienced realtor can complete the selling process much faster than an inexperienced agent, negotiate with the lender on your behalf, and find buyers for your property. It may also be a good idea to work with a real estate attorney since the short sale process can have many legal implications.
Price the Property Competitively
If the lender accepts the short sale, then you can get started listing your property for sale. Work with your realtor to determine a realistic and competitive listing price for the property. Just like with any other sale, pricing the home appropriately from the outset can attract more potential buyers and increase the likelihood of receiving an offer that meets the lender’s requirements.
Communicate Effectively and Constantly
A short sale involves multiple parties and requires approval from the lender, so speeding up the process can be difficult without constant communication. Make sure you’re communicating effectively with your lender, realtor, attorney, and buyers. Respond promptly to your lender’s requests for additional information or documentation, and keep them informed of any updates or developments in the process.
Only Accept Complete Buyer Offers
When reviewing offers from potential buyers, prioritize those that are accompanied by a complete and accurate offer package. When it comes to short sales, it isn’t worth waiting around for buyers who still need to secure financing and may not have serious intentions about buying the home. Buyers should have a pre-approval letter from their lender, proof of funds for the down payment and closing costs, and any other required documentation.
Be Patient
Overall, it’s important to be patient during a short sale. While you may have several reasons for wanting to speed up the process, delays can occur at multiple steps along the way and may be due to factors beyond your control. For example, lender processing times, negotiations with multiple lien holders, or difficulty finding buyers. Stay proactive, flexible, and patient, and have backup plans in place to deal with unexpected delays or setbacks.
Sell a Colorado Springs House Fast with Barb Schlinker
By implementing these strategies and working closely with your real estate agent and lender, you can increase the likelihood of expediting the short sale process and achieving a successful outcome.
At Your Home Sold Guaranteed Realty - Barb Has the Buyers Team, Barb Schlinker and our entire team have been in the real estate business for 27 years. We’ve helped many clients sell their houses fast and for top dollar, and we’ve also handled many short sales throughout the years.
To learn more about working with us to sell a house in Colorado Springs or discuss short sales, call 719-301-1802 or fill out the form on this page. Take the first step to sell your house fast today!
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