Short Sale FAQ's
- What is a Short Sale? A short sale is a sale of real estate in which the proceeds from selling the property fall short of the balance of debts liens against the property. In most cases, the property owner cannot afford to repay the liens' full amount(s). The lien holder(s) agree to release the lien on the property and accept less than the amount owed on the debt.
- How long does it take to Short Sale a home? Once all required documentation is submitted to the lender(s) a decision is typically completed within 30 days. Common reasons that it may be delayed include a low offer under fair market value that requires counter offer from lender, junior liens held by other banks or individuals that also need to agree to the short sale and, depending on the type of loan, an investor and/or insurer may also need to approve the sale.
- Is there a fee for a Short Sale? All Real Estate fees and commissions are paid by the lender. There is NO CHARGE to the homeowner for our services.
- My loan is current. Can I still be considered for a Short Sale? Yes, however the required financial documentation must be submitted to the lender(s) along with a
detailed Hardship Letter explaining the inability to continue to make payments.
- Will the lender be able to pursue me for the deficiency after the Short Sale? Any unpaid balance owed to the creditors is known as a deficiency. Our goal is to obtain a Short Sale Approval Letter that completely releases the borrower from their obligations to repay any deficiencies of the loan(s).
- I have received a foreclosure notice. Do I have time to do a short sale? Yes. Depending on your circumstances, it’s possible to do a short sale all the way up until the day of foreclosure. But we better hurry.
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