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When it comes to one of the largest investment decisions most people ever make, experience matters! Over 30 years experience.
What is a Short Sale?
A short sale occurs when a lender accepts a lower price for a mortgage than what the seller/borrower actually owes on the property to avoid a possible foreclosure. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $200,000. You write an offer to the lender for $140,000, which is accepted as full payment for the loan. The seller does not have the financial ability to make up the difference and any unpaid balance owed to the lender is known as a deficiency. This is a short sale. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed upon between the parties.
A short sale is often used as an alternative to foreclosure. Both will result in a negative credit report against the seller/borrower; however, a short sale will have less of a negative impact on your credit score than a foreclosure. Also, a person with a successful short sale may be eligible for certain loans faster than someone who went through a foreclosure.
The Short Sale Process?
The short sale process requires the borrower to prove they have an economic or financial hardship preventing them from being able to pay the deficiency. Such documents include: hardship letter from seller/borrower explaining why the short sale is necessary, seller’s financial statement, two most recent pay stubs, two most recent bank statements and two most recent tax returns.
Keep in mind... Don’t expect the closing to take place quickly. It may take 3-6 months or even longer, depending on the lender, to get approval from the negotiator for the short sale to move forward.
Why are they willing to take such a discount?
Several reasons. First of all, banks do not want to own houses or have a surplus of inventory; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders don’t want bad loans on their books and know they could lose a lot more money if the property goes to auction.
Considering a Short Sale?
Call us today to see how we can help you through this process!
Short Sale Seller Advisory Understanding your options and process before proceeding with a short sale.
Foreclosure Investing Made Simple. Phoenix Area Trustee Sale Investing Auction bidding and investing.