Short Sales
UNDERSTANDING SHORT SALES, WHO MAY QUALIFY AND THE PROCESS.
You should consider a Short Sale when a financial hardship has made it difficult or impossible to stay current on the financial obligations of your home ownership. Which means you are falling behind in these obligations and you are at risk or have already defaulted on these obligations.
A Short Sale is the sale of your home under conditions that the net proceeds from the sale are not adequate to cover the total mortgage obligations and the closing costs associated with the sale.
A Short Sale requires the approval of the mortgage holders. You cannot consummate a Short Sale without the mortgage holder’s approval.
A Short Sale may become a good avenue for those who:
>Have a financial Hardship
>Owe more on their property than it is worth
>Have a mortgage holder who is willing to cooperate with a Short Sale
A qualified Real Estate Professional can be a tremendous asset in successful Short Sale transactions. They can provide you with the necessary skills and assistance required. The following are some of the items they can provide:
>a comparative market analysis or broker price opinion
>help you decide on the list price of your home
>market your home with the special language of short sale notification to buyers
>establish the communication and process with the lenders
>help you put together the short sale package
>help prepare buyers for extended approval period
A typical short sale package will require the seller to provide the following:
> a hardship letter describing the details of their financial condition
> a copy of a purchase agreement for the sale of the property
> income and asset verification
> copies of income tax filings for the last two years
I hope this helps you understand a Short Sale. I along with my team of associates are prepared to assist homeowners in all of their Real Property selling and buying needs including Short Sales. It pays to have the assistance of experienced professionals in consummating all California Real Estate transactions especially those, which require extensive cooperation from lending institutions.
If you find yourself needing to sell your home or would like to purchase Real Estate , or simply have questions, please feel free to contact me for professional assistance.
It is also important to note that many buyers looking to purchase Fresno California Real Estate and Clovis California Real Estate are now looking at Short Sales specifically because of the low inventory of homes on the market as well as the improvement in bank approval times of some of the banks.
Glenn H Riser BS, GRI
London Properties Realtor
559 213-9002
If you want to find out how long it will be before you can get a new FHA loan after a successfully approved Short Sale you can follow this HUD link and get so good information.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf
