How to speed up the short home buying/selling process

USA Today recently reported that short sales, while helping homeowners who owe more than their house is worth, can often be a complicated task. Homeowners must take a financial hardship, and the process can take a long time to complete.

If a house has multiple mortgages or mortgage insurance, the process takes an even longer time, Ellen Mahoney, president of Complete Title Services loss mitigation division, told the news source. These obstacles can cause buyers to walk away from sales due to time constraints and frustration.

Klorinda Hibbert, a real estate agent at Re/Max, believes the banks are willing to go into foreclosure with properties instead of doing a short sale because if the mortgage is insured then lenders and investors can recover money from the insurance company. According to the news source, homeowners must experience a hardship, have proof of an inability to afford their mortgage and show they have no significant liquid assets to assist in the mortgage payments in order to qualify for a short sale.

Re/Max recently reported some tips for homeowners looking to improve their homes before putting them on the market. The real estate company recommends painting, improving the entrance and performing a thorough cleaning. Hiring a cleaning service to polish every nook and cranny will ensure there are no misleading specs of dust to discourage a sale.  

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