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A short sale is when the bank or lender allows the homeowner to sell their property for less then is owed to them. With over 15 million homeowners in default, a short sale is one of several alternatives to avoid foreclosure. It effects your credit score much less then a foreclosure, damages your credit a significantly lower amount of time, and can often result in no deficiency statements. In order to facilitate the short sale transaction a qualified real estate agent should be contacted. They are paid from the bank and should not charge you a dollar. Be careful of pricey transaction coordinators, attorneys, and bankruptcy agents after your money with little care of your actual financial situation. After careful analysis of your options it is important to make an informed decision. After considering all my options I was able to succesfull perform a short sale with a qualified agent.
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∙ 12y ago
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Is a short sale public record?
is a short sale on public records
Where can I find a price on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Can you purchase a short sale with an fha loan?
Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
Buyer's short sale savings?
Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.
What does ssa stand for in real estate listings?
Short Sale Advisory ~ or Short Sale Addendum
What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
Can you short sale to family?
Generally, no a homeowner cannot sell a short sale to a family member or other related party. This would violate the arm's length transaction requirement of a short sale.
Do you have to pay your mortgage when you short sale your home?
From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.
Do you have to live in the house to do a short sale?
You do not need to live in the house to complete a short sale. In order to qualify for the HAFA short sale you would need to of lived in the property within the last 12 months.
