State Specific Question About: KENTUCKY (KY)

Lulu, having to wait until an offer comes in is NOT my experience in Cal. I had a couple in Orange County who bought something way too expensive, a purchase that I would not have participated in. Husband got laid off, right after the closing. They could not make ends meet. That's when they came to me.

I contacted their lender, got on a "approved list" for their Short Sale Departmant, sent in comps and a realistic appraisal (far more realistic than the bogus appraisal that had been sumbitted at time of loan approval), submitted documentary evidence of the owners' financial condition, and obtained permission for the listing price.

I think I also got a mortgage broker in a LOT of trouble, because the tax returns I submitted to the lender did NOT correspond to the "no documentation" income figures that the loan broker (not the prospective borrowers themselves) had provided.

But I worked with the lender from the moment the decision was made to try to short sell. I did not wait for an offer.

My two cents is to get an agent who is a pro at short sales and let them do all the work of finding the buyers.

A pro will know how to price the sale low enough that it will attract allot of buyers and how to submit the package and write the hardship letter correctly.

A pro short sale agent will also have more clout with the bank and they will gain access to the right persons who can approve the short sale.