How Do I Short Sale My House
Short sales, despite the name, have always taken a long time to process. That’s because the short in short sale refers to a shortage of money and not time.Buying a house via short sale allows a homeowner to sell their property for less than what’s owed on the mortgage, with the lender’s approval.
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.
Everyone loves a good deal, and if you can get a great deal on a house – the most expensive thing you will probably ever buy – how fantastic.
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Short Sale of Your Home: Is It Right for You? A Short Sale Won’t Save Your Credit Score. Short Sales Don’t Always Cancel the Remaining Debt on the Mortgage. You Might Owe Taxes on the Deficiency. If your lender forgives a deficiency after a short sale, Short Sales: More Things to Think About..
How to start the process of short selling your house: 1.) The first step is to list your home for sale. Do not do a short sale by owner, because there will be no money to be saved. Start obtaining and gettin paperwork that you will need for the short sale. The next thing to do is to call the bank and ask them for a short sale packet.
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Every state is different with their foreclosure process. You need to decide quickly to start the short sale process if you’re getting behind on your payments, or have already received a notice of default. Step 4 – Follow Instructions Exactly. An experienced short sale agent will tell you what you need to do to get the house ready to sell.
A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.