3 Tips for a Successful Naperville Short Sale
Naperville short sales continue to be in the market and many homeowners still face the reality of owing more than their Naperville home is currently worth.
There is no guarantee for a successful short sale, since no two short sales are alike. However, there are many factors in a Naperville IL short sale that are crucial to its success.
Here are some general rules to keep in mind when it comes to doing short sales in Naperville:
- Have All Your Financial Documents Ready for Your Naperville Short Sale Agent to Submit to the Lender.
Many short sales in Naperville get delayed or take a long time because the required documents were not submitted on time or were incomplete. All lenders have gatekeepers who screen short sale packages before the file moves on to the person who approves the short sale request. Make sure to sign all pages where your signature is needed. Even on electronic tax returns (where most homeowners almost never sign), the lenders will want to see your signature on those pages. Make sure to include all pages of your bank statements, even the blank ones since these statements are numbered. If page 7 of 7 is not included, then it could be a cause of delay for your short sale.
- Continue Paying Your HOA fees.
If you live in a subdivision or condo with a homeowners’ association, you need to keep paying your HOA dues even if you are pursuing a short sale. Lenders are not willing to pay HOA fees as part of their expenses during a short sale. Many HOAs have specific statements in the contract which allows them to legally pursue a homeowner for back HOA dues. While some HOAs might agree with a settlement, getting a short sale bank or lender to pay the HOA dues might be a huge obstacle in trying to reach a successful short sale.
- Provide a Letter of Explanation for Missing Documents.
If, for some reason, you don’t have one of the lender-required documents like a paystub because you are currently unemployed, make sure to submit a letter of explanation on why the requested document is missing.
These are just some tips on how to successfully navigate through the Naperville short sales process.
If you are ready to do a Naperville short sale call me, Teresa Ryan at 630-276-7575. As a certified CDPE and Short Sale agent and Managing Broker/Owner of Ryan Hill Realty, I have the experience and tools to help you sell your Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1288 Rickert Dr Suite 300, Naperville, IL 60540
TRyan@RyanHillRealty.com
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