what is a short sale: 4 Qualifications for a Short Sale
- 05/20/11 01:27 AM
4 Qualifications for a Short Sale. This is part two of "What is a Short Sale". Now we are going to go over the 4 Qualifications for a successful Short Sale. Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale. 1- The Home's Market Value Has Dropped. Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a … (0 comments)
This is part six of "What Is a Short Sale? How a short sale effects your credit score depends on what your score was at the time of the Short Sale. In a article by Jeanine Skowronski, "It appears that the higher the score the harder it falls and the longer it takes to recover". Every person's credit and credit score is different, but the graph's below will give you an idea on how it will impact your FICO scores as well as how long it will take to recover. As … (6 comments)
what is a short sale: The Eight Steps in a Short Sale Process
- 05/16/11 01:34 AM
The Eight Steps in a Short Sale Process. This is part five of "What Is A Short Sale?" 1- Call the Lender You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision. 2- Submit Letter of Authorization Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working … (8 comments)
what is a short sale: Short Sale Process
- 05/16/11 01:07 AM
Short Sale Process This is part four of "What Is A Short Sale ?"When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.If you are considering selling a short sale, there could be drawbacks. For your protection, we suggest that all potential short sale sellers: * Obtain a free consultation with a Realty World Select short sale … (1 comments)
what is a short sale: Short Sale Consequences
- 05/16/11 12:53 AM
Short Sale Consequences This is part three of 'What Is a Short Sale". A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place. * Tax Consequences If the lender agrees to the short sale, the lender may possess the … (2 comments)
what is a short sale: What Is A Short Sale?
- 05/16/11 12:29 AM
What is a Short Sale? This is the first of a six part series on Short Sale's. A short sale happens when the lender is shorted on a mortgage, meaning the lender accepts less than the total amount that is due. If your mortgage is $100,000, but your home is worth, say, $90,000, you are $10,000 short, not including costs to close the sale such as real estate commissions, recording fees or title and escrow charges.Sometimes, to avoid going through the costs of foreclosure, a lender will sanction a short sale by letting a buyer purchase the home for less than … (1 comments)
4 Qualifications for a Short Sale. This is part two of "What is a Short Sale". Now we are going to go over the 4 Qualifications for a successful Short Sale.
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