Short Sale

Well...everyone is asking me about short sales..What are they? How do the work? etc. There's alot to them, so this may take a few posts. First let's start with this..If the amount you owe your bank is greater than the value of your house, you may have to consider a sale where the bank gets shorted the full amount that is owed to them..
Now this is not something that the banks want to do..in fact, they hate to lose money. So, there MUST be a hardship..a real hardship, not that I'm working two jobs to pay my mortgage and just can't do it anymore.. Such things as divorce, death of a spouse or other financial contributer, loss of job or disability..
If the hardship is approvd, then the house can go on the market at the price the BANK says..Some Realtors make the mistake of setting the price themselves, without the banks permission..big mistake.
Another requirement, and this varies from bank to bank, is you need to be deliquent in your payments. There needs to be evidence of the hardship..I recently had a situation where the sellers had to leave their home and relocate and the bank would not approve the short sale because they were current on their payments..We had to wait until they missed their payments to close the house.
There are many reasons to use an expert when selling or buying a short sale.. I'll post more on this later.
In the mean time.. if you or anyone you know is facing foreclosure, call me Asa Lennon 845-978-8560