There are many flavors of compromise you can strike with your lender if you are facing foreclosure. One of the toughest to execute is the short sale.   What Is a “Short Sale”?The title “short sale” is somewhat misleading; many assume that “short” means quick, implying a transaction that has a short escrow period. Au contraire. A short sale refers to a homeowner’s sale of their home for a net sales price (after commissions, closing costs, etc.) that is less than what the homeowner owes their mortgage lender(s). Why Is a Short Sale Desirable?A short sale is an alternative to foreclosure. A short sale prevents you from having to go through foreclosure and eviction. A short sale does make a smudge on your credit report but is much less traumatic to your credit than a foreclosure. What Makes a Short Sale Hard to Complete?Because a short sale results in the lender losing (a) funds they are owed and (b) the property which secured the mortgage loan, these transactions must be done with the full participation and agreement of the homeowner’s lender(s). Lenders are institutions, not people. They often move at a snail’s pace when evaluating a request for a short sale. Short sales are more frequent in a declining market — many lenders are simply not equipped to handle the deluge of short sale requests they receive. Realtors who work on short sale transactions all have stories of trying for weeks to get the short sale “package” to the correct person in the loss mitigation department! Once the package is in the hands of the right person, the bank may have some reason they disagree with the deal between the buyer and seller and may insist on inserting the bank’s price increase, reduction in closing cost credits, or other major alteration of the terms of the deal. During a short sale, the buyer, seller and even the real estate agents are somewhat subject to the whims of the bank — the deal cannot be done without the bank’s agreement. How to Get Your Lender to Agree to a Short SaleWith all that said, short sale transactions are completed every day! Because the lender is likely to take so much time processing your short sale request -- and because time is of the essence — you must ensure that your short sale request itself is as articulate, thorough, and persuasive as possible. Here are some concrete actions you can take to maximize your chances for success. Approach your lender as soon as you think you might need to request a short sale. If you are struggling to make your mortgage payments, list your home with a reputable real estate agent as soon as possible. If they advise you that your home is likely to sell for less than you owe on it, immediately contact your lender’s “workout” department to request a short sale package. If you can get your lender to indicate how much of your mortgage, they are willing to forgive upfront, you boost your chances of working with a buyer to create a deal that is a bargain for them, but likely to be accepted by the bank, too. Authorize your real estate agent — in writing — to work and to negotiate directly with the lender. But make sure to stay on top of the communications between your agent and your lender. Delegate; don’t abdicate! Make sure an offer is presented in its best light. Make sure your real estate agent includes a cover letter that explains the buyer’s qualifications to buy your home, how much down payment money they propose to put in— anything that might boost the lender’s confidence. If the buyer is requesting any closing cost credits, be sure to tell the lender if the buyer is a first-time homebuyer; lenders are more likely to agree to concessions for first-time buyers than for investors. Your lender will request a hardship letter from you. Make sure you handwrite it and present your finances in the worst light. If you lost a job, had an illness or death in the family, are a senior citizen or have any other circumstances then let the lender know! Let them know that you are considering filing bankruptcy and that this short sale would prevent you from doing that; because bankruptcy stops the foreclosure process cold, the lender would much rather approve your short sale than have you file bankruptcy. Also, explain any facts that might make it harder for the bank to resell your house — anything that makes the bank grateful that someone has made an offer. Make sure your short sale package is impeccably thorough. At a minimum, the lender will want to see: The offer to purchase your home, including the buyer’s preapproval letter. Your hardship letter. A balance sheet listing your monthly income and expenses. Statements from your checking, savings, and other asset accounts. A net sheet from your real estate agent listing all the closing costs that must be paid for your short sale to close. Supporting documentation, including two months’ worth of paycheck stubs and all your bills. Your last two federal income tax returns.   Don’t make them have to come back and ask you for any of these items. Make sure the package is complete the first time your real estate agent sends it.

Did you know that April is National Lawn and Garden Month? Well now that you do, it’s time to celebrate! Many people use this as a month to focus on their own garden or lawn and others use it as an opportunity to beautify their community. However, you want to celebrate, we got you covered! Organize a Neighborhood Clean UpGardening extends beyond your backyard. It’s important to take proper care of your neighborhood and community too! Rally up all your neighbors and friends and get to work. You can walk the streets and collect trash, plant flowers in heavily populated areas, connect with local charities and create a community garden. The opportunities are endless, but the more projects you complete together the better your community will look. Start a New Gardening ProjectNow is the perfect time to start a new project in your garden! Get lost on Pinterest till you find a project that stands out to you. If you aren’t much of a DIY pro, you can start with something as easy as scrubbing down your lawn furniture. More advanced projects can include building your own flower beds, trimming overgrown shrubs and even planting your own vegetable garden. Take Time to Enjoy your GardenNow that the weather has changed for the better, it’s important to take advantage of that beautiful garden in your backyard. Have some friends over for a picnic and put those homegrown veggies to use. Gardens are also a great place to relax and catch some vitamin D. Start an Indoor Herb GardenDon’t have a yard, but still want in on the action? Indoor herb gardens not only provide fresh herbs at your fingertips, but also fill your home with fragrance and greenery. Most herbs can be grown indoors like basil, chives, mint, oregano and parsley. Growing your own herbs makes cooking at home easy and healthy. Be sure to do some research on the best type of herb garden for your space. Enjoy a Local Farmer’s MarketFarmer’s markets are a great way to eat organic fruits and veggies without the hassle of going to a grocery store. By shopping at your local farmers market, you will eat fresh, nutrient-rich foods for an affordable price. Farmers markets are a great way to bring communities together and support local small businesses and farms. Check out your local market today to see what you’ve been missing. Start Composting One person’s trash is another person’s treasure. Fruit and vegetable peels, coffee grounds, and yard waste such as grass clippings can be used in a compost pile. Compost improves soil structure and provides nutrients for plants, all from waste you typically throw out. The possibilities are endless when it comes to celebrating National Lawn and Garden Month. Regardless of if you choose a small task or a big task, you are making a positive impact on the environment and your community.

Spring cleaning might seem like a daunting task, but with a little love, your home will be looking brand new! Spring cleaning is essential to a happy and healthy home. From the bedrooms to bathrooms, to the living room, use this checklist to tackle every room in your home.  Home Maintenance- Change batteries in smoke and carbon monoxide detectors.- Check all electronics and make sure they are working properly and plugged into a surge protector. - Check the expiration date on your fire extinguisher. Porch and Patio- Power wash surfaces- Wash outdoor furniture- De-grime screens- Plant flowers Bedroom- Wash all bedding and pillows- Flip mattress- Clean out under the bed- Organize closets and drawers- Dust - Mop/Vacuum floors Bathroom- Clean and disinfect tub and shower- Wash bathmats and towels- Dust and clean sink and toilet- Wash or replace shower liners and shower curtains- Organize medicine cabinet/drawers Kitchen- Clean out pantry- Wash kitchen cabinets- Deep clean the oven- Move the fridge- mop and vacuum behind it- Deep clean fridge and get rid of unwanted food- Clean countertops Laundry Room- Clean dryer vents- Clean inside of washing machine- Wipe down iron- Tidy up shelving Every Room- Wash baseboards- Dust blinds, windowsills, doors, and walls- Wash windows, inside and out- Replace light bulbs- Wash drapes and blinds- Mop and vacuum floors When it comes to spring cleaning, be realistic. Go at your own pace. It’s not a race after all. Your reward will be an uncluttered, clean, and healthy home for yourself, and a feeling of accomplishment and pride. This guide should help you accomplish all the rooms in your home, plus the spaces you forgot about!