I own a home and am being transfered to another state. I do not have equity in the home but I want to sell. I was told a short sell would be the best option.
2007-03-11 06:27:34 · 4 answers · asked by jameshdwyer 2 in Business & Finance ➔ Renting & Real Estate
A short sale Does Not mean that you sell the house for less than what you owe on it! No one can give you a guarantee that the lender will accept the short sale..so that shouldn't even be figured in the selling price of a property. The girl who gave that answer doesn't know what she's talking about. Short sales should be considered as "Icing on the cake".
A short sale is the process in which you submit info and a proponderance of evidence, to your lender(s), saying that your mortgage(s) payments will not be able to be made.
You have to submit financials proving that you are in dire straits for the lender to even consider accepting a short sale. If your finacials show that your making payments on a mercedes...don't bother submitting. You will submit your short sale "Offer" with the short sale package and your
lender(s) will either accept, deny or counter offer. In short...a short sale means that you are trying to get debt reduced.
All Lenders Do Short Sales. However...not all short sales get accepted. Experience really makes the difference in getting a short sale accepted. I would recommend contacting someone at http://scbuyshouses.com
They do short sales nationwide and they also have a mentoring program where they can coach you on performing short sales on your deals to turn fat checks into Extremely Fat Checks. You can request mentoring here:
http://scbuyshouses.com/Forms/customform.cfm?formid=65431
2007-03-12 00:04:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A short sell basically means you sell for less than you owe . . .
You are hoping the lenders or agents will make concessions to lessen your debt but you could still be stuck with debt for the loan after the sale.
There used to be a deed in lieu of foreclosure option , does that still exist ? You returned the deed and the loan is canceled.
2007-03-11 13:36:43 · answer #2 · answered by kate 7 · 0⤊ 0⤋
A short sale would be your lender's decision. Before doing so, find out if it will hurt your credit. You're moving but the house isn't so there's no reason that you can't put the house on the market for sale. In fact your company's relo policy may allow them to handle the sale for you.
2007-03-11 14:33:31 · answer #3 · answered by Venita Peyton 6 · 0⤊ 0⤋
http://www.ehow.com/how_8132_short-sale.html
Try that link. It seems to cover all the bases.
2007-03-11 13:31:08 · answer #4 · answered by ♫ frosty ♫ 6 · 0⤊ 0⤋