1. MAKE SURE A SHORT SALE IS THE BEST OPTION.
Are you truly ready to leave your home? If not, you may qualify for an alternative foreclosure prevention option, such as a mortgage modification or a repayment plan. A modification permanently changes the terms of your loan to make your payments more affordable. A repayment plan allows you to spread out your past-due mortgage payments over a set time frame: When you make your regular mortgage payments each month, a portion of the past-due amount is added to each payment.
2. KEEP YOUR HOME IN GOOD CONDITION.
It’s in your best interest to sell your home at a price that’s as close to your outstanding mortgage balance as possible. Keep your home’s interior and exterior in top shape. Declutter the rooms, do some low-cost landscaping and consider affordable staging projects.
3. WORK WITH AN EXPERIENCED REAL ESTATE AGENT.
Ask for agent recommendations from friends and relatives, but be sure to work with a real estate agent who has experience in short sales. Look for agents who have specialized training in distressed properties, such as the Short Sale Illinois.