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Answers (7)
- Linda Strasberg, "L STRASBERG"
- Contributions:2259
Short sales are nothing new...they've always been available to distressed homeowners when there is a hardship that could lead to foreclosure.
Nevada has had the highest foreclosure rate in America for 37 months through January 2010. A short sale is when your lender accepts a payoff for less than the amount owed. Big US banks are embracing "short sales" to get troubled mortgages off their books. There is a "uniform short sale process" that streamlines this process and makes it much easier to get them completed. To sell your home for less than what is owed contact me now.
- John Montes, "John Montes"
- Contributions:81
What is a short sale?
A short sale is a work-out program offer by most banks to allow the homeowner to sell the property for less than what is owed. Banks may handle the deficiency (balance owed to the bank after the sale) in many different ways, it could be forgiven, a promissory note could be issued or you could get a deficiency judgment. Each bank is different and many factors determined the outcome.
For example, someone short selling a primary home with just one mortgage could expect the following:
If there is mortgage insurance, be prepared to contribute some funds toward the debt or to sign a promissory note for at least 10% of the deficiency in order to get the short sale approved.
Why would banks agree to approve a short sale?
Banks are in the business of lending money and they are not interested in acquiring undervalued real estate. Accepting a short sale will save the bank money and time since no lawyers will be necessary to foreclose on you, the property will be maintained by the homeowner while being sold, and the property will be liquidated faster.
Why should I short sale VS foreclose?
· A short sale will help you avoid the embarrassment of being on the foreclosure section of the newspaper.
· You won't have to worry about coming home to a house you cannot access because all locks were changed after it was repossessed.
· A short sale will be reported to the credit bureaus as settled account and not a foreclosure; you want to look good to banks in case you need credit again.
· You will know when your house is being sold which will give you 30-45 days to find a new place and pack all your belongings.
· All that you owed on your home will be off your shoulders and off your credit report. You will be ready for a fresh start.
· By: John Montes - Realty One Group - Las Vegas, NV
- John Montes, "John Montes"
- Contributions:81
What is a short sale?
A short sale is a work-out program offer by most banks to allow the homeowner to sell the property for less than what is owed. Banks may handle the deficiency (balance owed to the bank after the sale) in many different ways, it could be forgiven, a promissory note could be issued or you could get a deficiency judgment. Each bank is different and many factors determined the outcome.
For example, someone short selling a primary home with just one mortgage could expect the following:
If there is mortgage insurance, be prepared to contribute some funds toward the debt or to sign a promissory note for at least 10% of the deficiency in order to get the short sale approved.
Why would banks agree to approve a short sale?
Banks are in the business of lending money and they are not interested in acquiring undervalued real estate. Accepting a short sale will save the bank money and time since no lawyers will be necessary to foreclose on you, the property will be maintained by the homeowner while being sold, and the property will be liquidated faster.
Why should I short sale VS foreclose?
· A short sale will help you avoid the embarrassment of being on the foreclosure section of the newspaper.
· You won't have to worry about coming home to a house you cannot access because all locks were changed after it was repossessed.
· A short sale will be reported to the credit bureaus as settled account and not a foreclosure; you want to look good to banks in case you need credit again.
· You will know when your house is being sold which will give you 30-45 days to find a new place and pack all your belongings.
· All that you owed on your home will be off your shoulders and off your credit report. You will be ready for a fresh start.
· You may be able to qualify for a mortgage loan in 1 – 2 years after the short sale.
- Michael Emery, "MikeEmery"
- Contributions:6892
February 16 2009
That's how old that posting is.
Nearly a year old.
Wow.
That's how old that posting is.
Nearly a year old.
Wow.
- Linda Strasberg, "L STRASBERG"
- Contributions:2259
Why...do you know someone who is facing foreclosure and owes more than their home is worth?
- Quiet Guy
- Contributions:4
A property in which the principal balance of your loan (mortgage) is higher than the appraised value of the property or selling price of the property. If I can be of help to you call me at 636- 394 3157 .I srop foreclosures and keep you in your home
- sunnyview
- Contributions:24017
A short sale is when a property is sold for less than is owed to the bank on the mortgage (or equity line) by agreement. So if a house is listed for 90K and the bank is actually owned 100K on the mortgage, the bank will agree to allow the current owner to sell it for less than is owed and walk away from the rest of the mortgage amount.
what is a short sale?
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