You may be able to sell your home at fair market value even if the sale's proceeds are less than what you owe on your mortgage(s). This alternative gives you an opportunity to sell your home quickly, while attempting to save your credit rating. At the close of escrow, if the short sale is approved, the proceeds are wired to your bank and your obligations tho them are fulfilled.
The documents required:
- Updated financial information for all parties on the loan (Contact me for more information Click here)
- Completed short sale documents (i.e. Purchase Agreement, HUD Documents etc.)
- Verification of income
- Interior appraisal
The short sale process takes roughly 60 days to complete, however it may take longer.
The shortsale stages are:
- Determination of value - Can be done in the first 2 weeks
- Negotiation and approval of offer - Can be done as quickly as 2-5 days
- Final approval - Can be completed as quickly as 2-5 days
- Escrow closing - Should take roughly 2-4 weeks
To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Short Sales Made Simple Copyright © 2009 By Vincent Martinez, All Rights Reserved.
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