0
If a bank refuses a short sale offer, you can only make a new offer to the bank. Your real estate agent will be able to give more details about the short sale process.
What else can I help you with?
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.
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.
What are the short sale ramifications?
A short sale incurs a loss for the bank or other institution that extended the loan to the homeowner. Therefore, the homeowner must negotiate the terms of the sale with the bank before attempting to sell the property. There are a variety of consequences for the owner of a short-sale property.
The bank has accepted my offer in a short sale. How long until the sellers move out?
Once the bank has accepted your offer, the bank really wants to move things along. Usually, it is agreed to close within 30 days. It is really up to what you and the seller agree upon and what was in your contract. Hope it goes well!
Does homeowner of a short sale have to take bid that meets bank price?
no
How do you propose a short sale?
You contact the bank's loss mitigation department and tell them that you want to start a short sale. You also request their requirements for a short sale and ask them how the process works. It is best to be honest and up front with them and ask questions. The bank wants to avoid foreclosure and will make every effort to do so.
Where can someone buy short pants?
There are many companies and websites that offer short pants for men and women for sale. Some of these companies that offer short pants are Amazon, Macy's and Polyvore.
What is subject to bank approval mean in real estate listings?
It means the bank has to "approve" the selling price before the property can be sold. The bank reserves the right to say no to any contract for purchase - even after the seller has accepted an offer. Usually means the property is a short sale or a foreclosure. Example, Mr. Buyer offers $500,000 for a house that is for sale. Mr. Seller agrees to the price and signs the contract. That contract goes to the bank for approval. The bank says No, we will not accept $500,000, we want more. Mr. Buyer and Mr. Seller now cannot go through with the sale of the house at the price of $500,000. Mr. Buyer can up his offer and try again, but the bank has to "approve" the selling price before the house can be sold. No bank approval, no sale.
You are selling your flat but your mortgage company want to repossess your flat - what are your rights?
I do not have the complete answer because it varies accordingly to county, state, federal and banking laws. The only thing you can do is request a short sale from the bank, but I suggest you hire an attorney and a Realtor experienced with a short sale. A for sale by owner, or a reduced commission broker/exclusive listing will only delay and stress the sale. The only short sale a bank will accept has to be perfect and quick.
Can a short sale contract be cancelled before bank approved?
Yeah, I think so man.
When one makes an offer to buy a home that is in short sale and the current owner owes a balance for failing to pay his homeowners association dues who is legally responsible for the debt?
Properly, the association could have filed a lien on the title against the original owner before the assumed bank foreclosure. Once the bank assumed ownership, and for the duration of their ownership, the bank is responsible for assessments. Your short-sale documents should be clear about your obligation -- if any -- to pay any past-due assessments, and/or how those monies can be deducted from the proceeds of the short sale. Without a clear paper-trail as to your obligation, you may not be responsible for past-due accounts. Your personal common interest community attorney will be best prepared to review your short-sale documents and advise you.
Is a short sale better for your credit than a voluntary foreclosure?
I spoke with a lawyer...Voluntary foreclosure could be better because it would only be 1 hit on your credit instead of having to go 180 days past due. You can offer the deed to your house if the bank will take it to prevent the bank from placing a judgment for any amount uncollected at the sale.
