2007-02-20 07:23:13 · 4 answers · asked by Patty 2 in Business & Finance ➔ Renting & Real Estate
Yes, Banks normally will not except a short sale unless you are at least 30 days behind. And even then they will only accept a short sale if you have a buyer and have shown considerable desire to sale your property for the best possible price
2007-02-20 07:33:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A short sale is a pre-foreclosure measure where the borrower settles for an amount less than what is owed to the lender. The bank has to agree to the settlement amount and yes, you do not need to either be behind or show an inability to continue making payments. You get absolutely NOTHING from the sale of the property and the lender can decide to come after you for the balance if the settlement amount is too low so you do need them to accept the short sale as "full and final" pay off on the balance of mortgage....typically, the borrower makes the request to the bank and they review whether or not to go ahead or if is better/cheaper to foreclose on you...........
2007-02-20 16:00:38 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
Most banks will do a short sale up front if it is obvious that you can't sell for enough to pay off the note. They will likely send out an appraiser to give them a value and verify that you need a short sale.
2007-02-20 15:33:31 · answer #3 · answered by txrealestateagent 3 · 0⤊ 0⤋
read more tips on real estate and mortgages to help you better on this site
2007-02-20 15:32:34 · answer #4 · answered by tuff luv 2 · 0⤊ 0⤋