The big wave of foreclosures is still to hit Midwest states like Illinois in this year . The best way to avoid foreclosure in particular is to sell your house during a process called a short sale. There are some crucial moments you need to know in order to sail through the process as soon as possible.1. The success of a short sale process is in the package.If you want to sell your house fast, your short sale package must be impeccable. That means you have to submit the correct package from the beginning. Even smallest mistakes, like a missing page, can stall the sales process for months. Banks are overwhelmed by home owners' requests. If a negotiator checks on your file and finds something missing, he or she might come back to your file in a couple of months, even thought you send the missing piece of paperwork in two days.2. Every bank has different requirements when it comes to what must be included in the package. If you are trying to submit it yourself, make sure to find out exactly what your bank needs in order to deem your package complete.3. Incomplete package results in extra delays (on the top of usual delays because of the fault of banks).4. When you call your bank, make sure you are talking to the particular person (negotiator) who is handling your application. Get all your questions answered during one phone session with your negotiator. Otherwise, don't be surprised if the next time you get to speak to him or her is after a month or two.5. Send your package over the fax and also via certified mail. Due to a huge workload, representatives handling applications often forget to enter the data into their system. When asked about it, they usually claim they have not received the package, as they cannot find any records about it in their computers. Have your certified mail stub ready and confront them.6. Contact the bank to inquire about the status of your application at least twice a week. Be prepared to spend up to one hour on hold why trying to speak to a representative every time.7. Consider looking for an experienced agent with proven record in short sale. Success and speed of a short sale process lays in negotiations. If this is not your strongest side, hire somebody who is an expert in the field.
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