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Archive for the ‘short sale process’ Category

A short sale from the seller’s viewpoint is much like applying for a loan, only you fill out paperwork and show information that lets the bank know that you can not afford the payments. You need to gather income and expense information, provide pay-stubs and bank statements and explain why you can no longer make the payments as agreed.

Once you gather this information you must also submit an offer to purchase the property and a listing agreement showing that the property is being adequately marketed to attract offers. Some lenders take the information via fax while some have websites where you can upload them. The problem is if you have more than one loan you mus do the same thing for each lender and each lender may have a different way of doing short sales.

Provided you can learn all of this, and also have the time to devote to it, there is a need for you to be highly organized and patient. Read the rest of this entry »

The short sale process differs from a regular sale in that once the buyer and seller agree to terms the short sale lender has to review the offer and decide whether or not it is acceptable to them.

Remember in a short sale the house is facing imminent foreclosure and the lender is checking to see whether or not it makes more sense for them to allow the short sale or to go ahead and foreclose with all the expenses to the lender that are involved in actually foreclosing and re-marketing the property.

Each lender has their own policy so the process differs from one lender to the next. Even the lenders that have a streamlined process will not be able to give you a quick answer in most cases. Read the rest of this entry »