Short sales are complicated real estate transactions. Here are some recent short sale articles for a homowner contemplating or in the middle os a short sale. When it comes time to list your home with an agent, find an agent who has is a competant short sale agent.
- Short Sale Documentation- Make or Break the Short Sale A complete financial package is generally submitted to the bank during a short sale. The documents will include items such as a financial statement, a hardship letter, income tax returns, w'2s or 1099's, bank statements and paycheck stubs. The bank uses these documents to determine if you are eligible for ...
- Lenders Interest in Protecting the Property If you are involved in a short sale, as a seller, and you move away from or abandon the property, realize the lender has the right to protect their interest in the property. Many short sale sellers are surprised when, they leave or abandon the property, and: The bank replaces the locks, ...
- The Deficiency Balance in a Short Sale One big concern is the deficiency balance in a short sale. A deficiency balance is the difference between what is owed on the mortgage or mortgages versus what the bank allows for a sale price minus all fees incurred. For example: Balance on Mortgage $350,000 Sale Price $265,000 Fees $23,000 Deficiency Balance $108,000 In this scenario ...
- 5 Reasons Why your Short Sale is Declined Short sales are complicated real estate transactions and require far more work than a regular real estate transaction. Be proactive and hire a Short Sale REALTOR with experience only to find out your short sale is declined. Understanding the stumbling blocks will greatly increase your odds of short sale approval. ...
These post about Massachusetts Short Sales are provided by Kevin Vitali of EXIT Group One Real Estate. Kevin has extensive experience in closing Massachusetts Short Sales and can provide answers to many of your questions regarding short sales, loan modifications and foreclosure. Kevin also has access to attorneys that can help answer questions. Feel free to call Kevin at anytime at 978-360-0422 or fill out the form below.
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