The truth is, Short Sales could be especially stressful and complicated dealings. Short Sales are frequently touted as alternatives to bankruptcy or foreclosure; however it’s not actually as straightforward as that. Simply wanting to buy or sell through a Short Sale is not enough, there are conditions that have to be met.
Sellers should beware as the lender is taking a loss on a Short Sale deal, they do not have to agree to it at all. Some examples of what might qualify you for Short Sale are: unemployment, divorce, medical emergency, job transfer, bankruptcy, or death. These are qualified as personal hardships, and lenders are more likely to endorse Short Sale under one or more of these situations. Lenders do from time to time agree to Short Sales when the property owner owes more on their home mortgage than the existing market worth of the house. Whether your Short Sale is dependent on the former or later, the lender will require such documents as: a statement of hardship, a few years worth of tax returns, the property owners W2’s and payroll stubs, along with current financial statements. If you are thinking about a short sale of your home, it is best to obtain legal guidance from a real estate attorney and an accountant!
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The seller is not the only participant that faces difficulties in a Short Sale; the buyer has to also meet particular requirements. Buyers will benefit from both specialized legal and monetary counsel throughout the Short Sale procedure. There are several components you should be aware of, however before begining this procedure. 1-3% of the asking price is essential as a down payment. You should expect the bank to take 6-8 weeks to make a decision on your offer. In a Short Sale, inspections and repairs on the house are always the responsibility of the buyer. The buyer should not present an offer letter devoid of checking with the listing agent. Yours is not likely to be the first, and you want to make certain that you are submitting the best bid to date.
Whether or not you are the seller or the buyer, Short Sales are not for the weak hearted. The suggestions made here should make the Short Sale more manageable if you determine it is the proper choice for you.
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