What is a short sale of a home?

Answer 1

Homeowners who wish to short sale their home may select their own real estate Agent or Broker when doing a HAFA Short Sale. This is the case for traditional short sales as well. Real estate commission is a seller expense typically paid by the short sale lender from the sale proceeds

Answer 2

Now, for the sake of argument, let’s say the value value on the property is only $80,000. This is what an investor, someone like us, would be willing to pay for it. If we paid any more, with all the repairs we have to do, holding costs, paying utilities, insurance and taxes on it for a few months then selling to someone else, we would never make a profit on the house – and we are a for profit business. A buyer would not be willing to pay more than the $80,000 value of the home.

This means you can’t sell your house, because you know that you’d have to come up with the 20 grand difference there to pay off your mortgage balance. The lender is not going to sell it unless they approve a short sell. In other words the lender can allow you to sell your house for less than what you owe.

Go to the mortgage company, or the person holding your mortgage, like Wells Fargo, Bancorp South, Citibank or whoever it is here locally. You have been paying 600 or 1,000 bucks a month for the past few years, and hopefully you have built a good relationship with them. You can talk to them and see if they would consider selling less than the mortgage value. This is a short sale.

We Buy Houses, Memphis helps people by buying their property and being able to do this at a decent price. Getting a reasonable offer from a buyer with a solid reputation may be something the lender would consider in making their decision about a short sale.