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Short Sale Frequently Asked Questions
A Short Sale takes place when you owe more than what the home is currently worth, you can demonstrate financial hardship and you need your lender’s approval to sell your home. If you have a second mortgage or a home equity line, they too must approve the sale of your home. In essence, the term comes from selling your home for less or “short” of what is currently owed.
Why must my mortgage company(s) approve the transaction?
A mortgage loan or home equity line is usually a secured loan and have liens against the property. In order for the new Buyer to take title to your property, the home needs to be free of liens. The current liens created by the mortgage or mortgages on your home need to be satisfied. Under normal circumstances, if you sell your home for more than what you owe the current liens are satisfied. If you sell your home for less than what is owed, then each mortgage company must agree to accept a lesser amount than what is owed in order to release the lien to allow the new Buyer a clear title.
How do I get a Short Sale approval?
When you market your home with a Realtor who specializes in Short Sales, the Realtor will price the home at current market value and will find a Buyer interested in your home. The Realtor will work with you in preparing a hardship letter along with bank statements, tax returns and other financial documents to submit your offer to the mortgage holder. Your Realtor will work with his team to work through all of the hurdles and processes each bank has to ultimately secure an approval.
How long does the Short Sale take?
It depends on each lender’s workload and requirements. Sellers and buyers must be prepared to wait at least three to four months to receive the approval from each lender.
If my mortgage company agrees to the Short Sale , do I still owe the difference?
There are many variables and unfortunately, we are not aware of the final terms of the Short Sale until we receive the Approval Letter. During the negotiation the lender will sometimes discuss if they will require cash at closing from the Seller, a Promissory Note or simply reserve the right to persue the deficiency. In most circumstances a full release can be negotiated for a minimal cash settlement.
You should seek professional advice from an attorney, certified public accountant or other professional as to the credit, legal and tax consequences of a short sale.
Lista De Casas Reposeidas En Miami
Nuestro website le ofrece el más extenso listado de casas reposeídas por el banco en el área de Miami. Tenemos todas las casas, condominio y townhomes ejecutadas por el banco disponible gratis sin costo. Visite a www.SergioRebollo.com y entre a la página Miami Foreclosure Listings. En esta pagina aparecen nuestras listas para que encuentre la casa reposeída en Miami que es perfecta para usted.
Le presentamos esta información en una forma organizada, conveniente y fácil de usar en ingles y en español. También le ofrecemos información acerca de muchísimos tópicos relacionados con la compra de casas reposeídas y bienes raíces. Le ofrecemos servicio personalizado para ayudarle a seleccionar y comprar casas reposeídas. No existe ningún costo de membresía para ver nuestro listado de casas. Estamos aquí para ayudarlos con cualquier pregunta que tengan. Lo podemos orientar con el financiamiento del FHA 203K cual presta dinero no solo para la compra de la casa pero para los mejoramientos también.
Recuerde que nuestro servicio es pagado por el vendedor.
Cuando nosotros lo ayudamos a comprar su casa el vendedor es el que paga nuestros honorarios. No cometa el error de pensar que si encuentran una casa es fácil comprársela al banco sin representación. Acuérdense que el Realtor que aparece en el letrero que permanece en la casa por cual se ha interesado esta representando a los mejores intereses del banco. Usted necesita a un Realtor a su lado que pueda o sepa como...
1) Estudiar el mercado antes de hacer la oferta y no regirse por lo que pide el banco
2) Negociar con el banco para que coopere con los gastos de cierre
3) Que sea protegido con derecho a inspeccionar la casa antes del cierre
4) Poder salirse del contrato si descubren inquietudes dentro del tiempo negociado
5) Proteger su deposito con las cláusulas necesitadas de protección
¡¡Esta representacion es completamente gratis!!
Lisa Dunham from Alexandria, Virgina posted these 5 excellent things to do before going home hunting!! Without taking these steps it is impossible to provide your client a smooth home hunting process!! Via Lisa Dunham, REALTOR®, MBA, CDPE, ABR, Alexandria VA Real Estate, Short Sales (Allison James Estates & Homes):
Top 5 Things To Do Before Previewing Homes For Sale
Prospective home buyers are usually eager to begin previewing homes for sale. After months of searching online for the perfect home, many are anxious to begin their house hunting adventures. To make the most of your house hunting endeavors, here are my top 5 things to do before heading out to preview homes for sale in your area.
 Attend a buyer interview. Meet with your real estate agent to discuss your housing needs. In turn, your agent will discuss the housing market in your area and will thoroughly explain the home buying process so that you understand what to expect and when to expect it.
Get pre-approved for a mortgage loan. Establish your purchasing power before you head out to preview active listings. This will ensure that you maximize time spent by looking at only those homes that fit into your desired price range. Looking at homes outside of your price range is an ineffective use of everyone's time including the seller.
Determine your desired location. It is important to determine where you would like to live before heading out to preview homes. Your location should be narrowed down to a single city, neighborhood or subdivision. The more definitive you are about your location, the more productive you will be in your house hunting adventures.
 Commit to working with a single agent. Now that you are ready to begin your house hunting activities, it is time to commit to working with an agent. Working with an agent is very important as you will need someone to represent your interest during the sale. In most cases, the fees for hiring a buyer's agent are paid by the seller. Therefore, you should take advantage of this benefit by hiring an experienced real estate agent to protect your interest during the sale.
Ensure that all decision makers are available for showings. The decision to purchase a home is often made by multiple decision makers. All decision makers should be present during property previews. This is very important as it is often difficult to coordinate schedules for a return visit to the property. In addition, even in this difficult housing market some properties are receiving multiple offers, which means the decision to purchase must be made almost immediately. To ensure that decisions can be made in a timely manner, please make certain that all decision makers are present when previewing homes for sale.
Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia? Contact me for assistance! My expertise includes first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.
Lisa Dunham, MBA, CDPE, ABR, ePRO
Allison James Estates & Homes
703-298-6546 (Mobile)
Lisa@LisaDunham.com
www.LisaDunham.com
 to my blog!
      
Especialista En Venta Corta, Explica: ¿Que Es Una Venta Corta
?
Ahora está de moda la Venta Corta
(short sale) para comprar propiedades. Y todo aquel que está activo en el mercado o que considera entrar a él, lo primero que piensa es en comprar a través de ese sistema; pero… ¿cómo funciona una venta de este tipo?
Una transacción a través de una short sale no es otra cosa que el resultado de una venta realizada con la autorización de la institución financiera que detenta la hipoteca, a un precio menor que el monto necesario para liquidar la hipoteca existente en la propiedad.
Antiguamente se realizaba esta actividad en muy contadas ocasiones. Ahora la demanda de la concesión tiene carácter epidémico, lo que hace más complicada su obtención.
¿Cuando Puedo Hacer Una Venta Corta
?
Ante todo, aquel que vende la propiedad tiene que estar moroso en sus pagos para que la institución financiera que tiene la hipoteca de la propiedad tome en consideración la solicitud el caso. El próximo paso será probar que el titular de la propiedad no cuenta con medios financieros para cumplir con sus compromisos y que no existe posibilidad alguna de que logre ese objetivo en un futuro cercano.
Una vez que la institución financiera ha accedido a considerar la gestión, la propiedad se pone a la venta. La compañía inmobiliaria comenzará el mercadeo de la propiedad a un precio tentativo, normalmente bajo, sin que éste sea el precio que definitivamente aceptará la institución. El único objetivo será atraer clientes y producir ofertas.
Cuando se ha obtenido el número de ofertas, que a consideración de la institución financiera resulte razonable, se procede a inspeccionar la propiedad y se realiza la tasación de la propiedad. Luego de obtener una valorización certificada, la venta se hará a quien haya realizado la oferta más cercana al precio real. El ejercicio puede compararse a una subasta, pero es bastante más complicado y con mucha más burocracia, exigencias e inseguridad para los participantes.
El comprador no podrá exigir garantías sobre las condiciones físicas de la propiedad. Tampoco tendrá derecho a reclamar sobre el funcionamiento y condición de los equipos electrodomésticos, ni tan siquiera sobre la condición y legalidad de la titulación del inmueble, puesto que quien vende no está en condiciones de hacer reparaciones de índole alguna y la institución financiera simplemente está facilitando la transacción, a pesar de resultar perjudicada monetariamente en el negocio.
En mi opinión, la compra de una propiedad a través de una Venta Corta
es ventajosa, pues se comprará el inmueble por debajo de su precio actual en el mercado; pero se debe tener conciencia que el proceso no será normal y que puede estar lleno de frustraciones en el camino e inclusive puede no realizarse.
Miami Short Sale Pre-Foreclosure Solutions
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller's loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Combined with the weak real estate market the following are common situations facing distressed sellers:
Unexpected health issues resulting in difficulty making mortgage payments;
Lending rate increases on adjustable rate loans;
Divorce;
Over-extended borrower with multiple mortgages;
Job loss or transfer;
Short sales are more complicated and time consuming than an average real estate sale, making it important to retain an experienced Realtor with experience in the short sale process or a Realtor whom may be a Short Sale Specialist..
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in the business of managing and owning property and short sales are less expensive than completing the foreclosure process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees.
Buyers Benefit from Short Sales
Buyers often save money purchasing a property in a short sale. Sergio Rebollo, a Short Sale Specialist in the Miami area will work to obtain the best possible lender payoff, resulting in a fair price and low costs for the buyer and satisfaction for the lender and seller. Be prepared to wait though, the Short Sale process can take several months to finalize.
Sergio Rebollo Jr.
Miami Short Sale Specialist
Real Estate Teammates
www.SergioRebollo.com
786-866-7358
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Sergio Rebollo Jr.
Miami,
FL
More about me…
Real Estate TeamMates
Address: 10063 SW 72 Street, Miami, FL, 33173
Office Phone: (305) 357-5550
Cell Phone: (305) 582-4062
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