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Short Sale vs Foreclosure
SHORT SALES INFORMATION
You need to sell your home now! Your mortgage balance & terms are more than the current market value, perhaps you are thinking foreclosure or bankruptcy are your only options. STOP! I can help. The number of Short Sales has increased dramatically & foreclosures are still on the rise.
A Short Sale is when you and the Bank holding the mortgage sell the home for less than the amount owed. Lenders prefer a Short Sale to a Foreclosure, it saves them money and saves your credit rating. Lenders will tell you they are not in the business of owning Real Estate. They do NOT want to Foreclose on your home.
If you do not have a Buyer yet find one, or better yet get a Realtor specially trained, like myself, in Short Sales to list your property. I will help you understand what is required, supply forms and work with you to get your home sold.
CONSIDERING A SHORT SALE?
For consideration of a Short Sales Request some items your Lender will require:
- Listing Agreement (proof you have made every effort to sell the home, some lenders require proof that your home has been on the market for up to 60 days before they will consider a Short Sale)
- Your Financial worksheet
- Proof of Income reported, (2 most recent pay stubs)
- 2 years tax returns (1040 Form, only the first 2 pages)
- 2 Most recent Bank Statements
- A letter explaining the hardship. Supporting documentation if applicable
- Signed Purchase Agreement (Sales Contract)
- Sellers Net Sheet or HUD 1 Sheet
- Buyers Pre-Qualification Letter from their lender, or if a cash buy, proof of funds from Banking institute
- Broker’s Price Opinion (BPO)
- Put your Loan number on every page.
As your Realtor I will be there every step of the way. Patience and persistence is needed. It may take 6 to 12 weeks.
Contact me now for additional information
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