# The bank or lender wants to see the entire financial picture, so the bank will need a copy of back taxes, paycheck stubs, bank statements, etc. They will also want to know what all of your assets are. # The bank may want you to sign a promissory note for the difference in the amount sold and the amount owed on the property. # When the bank gives final approval on a short sale, they may request that the escrow close in as little as 20 days, or sometimes sooner. # As the seller, you cannot receive any proceeds from the sale. None. Period. # Your real estate agent, escrow company, and title company may have to work for reduced fees. # The banks are very overwhelmed with short sales and many times a decision can take up to 60 days. Although, recently the approval process has been streamlined at many lenders. # The property may be foreclosed on during the short sale process, because the bank can not process the short sale in time. If you have a strong enough agent, you could be able to get the foreclosure postponed. # Do not expect to receive any information on a regular basis, as there will be weeks that go by with no news from the lender…which can be perfectly normal. But just in case, call your contact. # The bank will want to get a BPO (Broker Price Opinion) and/or an appraisal of your house. # Be patient. This is the best policy. Try to avoid being stressed out over something that you are not able to control. If you are in the hands of a good well trained real estate agent, you should be good.
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.
There are many ways that a person can expect to pay for a set of new seventeen inch tires. These include by buying them on sale, by getting a higher paying job, or by buying them online.
is a short sale on public records
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
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.
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.
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.
Short Sale Advisory ~ or Short Sale Addendum
buying an running or existing business is a process of acquiring business which is on sale.
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
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.
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.