i am interested in a short sale property, the lender has already approved the short sale, if my offer is less than the approved amount is there a chance that the lender accepts it? thanx

My fiance and I have seen so many houses and are in love with this short sale that has been listed for 1 year. The bank approved sale at $480,000 but the buyer fell through. We want to make an offer, but were originally going to offer $450,000, is it worth offering the full $480,000 if we love so much and will only make a small impact on our monthly payment???

My understanding is that profits made at auction are passed on to the initial homeowner/borrower. Does this apply if the house does not sell at auction, becomes officially bank property, and sells, say, years later? I hear a 1099 can be issued for the loss if there is a short-sale of a REO. So does a double standard exist here?

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Many people think you save money by buying a home that’s a short sale or foreclosure. That’s not necessarily true. Even if you do save money on a short sale it can take longer to close on escrow. California real estate agent Charlotte Laws talks about saving money with short sales or foreclosures.

Real estate short sale references a legal agreement offered by banks to borrowers in danger of losing their home to foreclosure. When lenders enter into short sale transactions they agree to accept less than this owed on the mortgage note. Short selling can offer borrowers short-term financial relief, but this option might not be in their best interest.

Obtaining real estate short sale approval is a complicated and lengthy process. Borrowers who have entered into foreclosure are ineligible for short selling, as are homeowners with accrued home equity and those who own financial investments that could be sold to cure mortgage delinquencies.

Borrowers who are 31 days delinquent on their home loan should contact their bank’s loss mitigation department immediately. A loss mitigator is assigned to negotiate and act as mediators between homeowners and their lender. Their primary duty is to keep bank losses at a minimum by negotiating the best deal for the lender.

Bank loss mitigators are often overworked due to the massive influx of foreclosures. It usually takes several weeks before homeowners receive a return phone call from the bank. Instead of allowing the mortgage loan to become further delinquent, homeowners must be persistent in contacting their lender.

When homeowners are unable to make direct contact with their bank loss mitigator, they should send a registered letter explaining the circumstances that caused them to fall behind and request the option to short sell. Make certain to include a return receipt which requires a signature from the bank. Return receipts provide evidence the letter was received by the lending institution.

Each bank establishes their short sale protocol; therefore the process will vary by lender. Most banks require borrowers to provide a record of finances, tax returns, employment history and pay records, detailed list of income and expenses, and a short sale hardship letter.

Most mortgage lenders require borrowers have a prequalified buyer in place before granting short sale approval. Some lenders allow borrower’s time to list their property through a realtor. In rare circumstances, lenders allow borrowers to place their home on the market as for sale by owner real estate.

Realtors are generally not enthusiastic about listing short sale properties because they must reduce commission rates to expedite the sale. Short selling real estate requires extra paperwork and can become a tedious process. Locating a real estate agent to list and expedite the sale can be challenging.

Entering into short sale negotiations with lenders can be an intimidating process for borrowers unfamiliar with legal contracts and real estate terminology. It is best to retain the services of a real estate attorney or short sale specialist. Although this can be an added expense, hiring professionals to negotiate short sale transactions can save money in the long run.

It is crucial to understand which type of short sale is offered through your lender. Many banks issues deficiency judgments and hold borrowers responsible for repayment of the difference between the short sale price and loan balance. Deficiency judgments remain on credit reports until paid in full.

Some banks enter into ‘Payment in Full’ agreements and accept the short sale price full payment toward the outstanding home loan. Payment in full short sales allows borrowers to walk away from their home without owing additional money.

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The house has been approved, but the listing says “SHORT SALE bank will approve 3% in help”, what does that mean?