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Tips For Moving | Click here
Once you have located your new home, now comes the fun part - moving. Whether you are moving two streets over from your current home or clear across the country, you have two options for moving - using professional movers or doing it yourself. There are pros and cons of both choices, do you know which method is best for you? |
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Short Sales
There are many ways to lose your home, some of which are embarasssing and destroys your credit. For borrowers who can no longer afford to pay their mortgage there are alternatives to bankruptcy or foreclosure. One such alternative is a Short Sale.
Before buying or selling a short sale
.Obtain legal advice
. Discuss the matter with your accountant or financial planner.
Be aware we are real estate agents and not lawyers or CPA's and as such you should always seek the advice of the appropriate professionals.
Lenders will vary in what they require for a Short Sale. Here are a few common expectations however.
Call the lender.
Don't just get the department ask to speak to a supervisor or at the very least get a name and number YOU WANT TO CONTACT A DECISION MAKER.
Submit a letter of Authorization
Lender will not give out your personal information to just anyone. They will require written authorization to do so.
Hardship Letter
This is where you make your case. Give the lender the facts as to why you are in a financial bind. and make your plea to the lender to accept less than full payment for the property. The sadder the letter the better. Job loss, reduced income, sickness or death of a family member will normally be considered. Please be honest.
Proof of Income and Assets.
Lenders will want to know if you have assets such as stocks and bonds or other real estate with equity. If there are other ways to pay your debts the lenders will like to know.
Copies of Bank statements.
This will be reviewed very closely. Be sure you can explain any large withdrawls frquent checks and if sources of income will continue.
Short Sale Faq's
What is a Short Sale
A Short Sale is when a lender agrees to accept less than what they are owed on a home loan.
How long will a Short Sale takes
The time needed to process a short sale will vary with each lender. There are many variables, so we cannot give you a definate time. Past experiences says the process will be anywhere from aon to three months.
How do I speed up this process.
In order to process your request the lender will need to review your financial information. The most frequent cause of denial of requests is the seller failing to deliver these items in a timely manner. Please gather all the documents and financial information we ask and give this to your realtor right away. This eill make the process much faster and increases the chances of a successful Short Sale.
Will I make money Selling by Short Sale
Lenders forbid this. The seller will not make any money at all from a short sale.
Will I owe taxes after a short sale
After a successful Short Sale there will be consequences. There is a special rule that allows borrowers to offset this. Visit http://www.irs.gov/newsroom/article/0,,id=174034,00.html for more information on this.
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