Process of Short Sale | What is the Process for Short Selling a Home

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Home Page > Finance > Real Estate > Process of Short Sale | What is the Process for Short Selling a Home

Process of Short Sale | What is the Process for Short Selling a Home

Posted: Feb 08, 2011 |Comments: 0
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Process of Short Sale | What is the Process for Short Selling a Home? Before you consider entertaining a short sale you must first Determine if you Qualify for A Short Sale by asking yourself Do I pass the Hard Ship Test?

Here are just a few examples of Hardship.

Loss of Job
Becoming disabled
Divorce
Death of a spouse

Click here to learn more about Hardship For Short sale

Next Steps…

If you believe you pass the “Hardship Test”, it is most likely time to proceed with the Process of a short Sale.

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It is now time to contact Us and we will quickly be able to confirm if indeed you qualify for a Short Sale. Once that is established, we will begin the Listing Process and guide you through the following steps:

Put your Hardship Letter together
Give us (your agent) Permission to Contact your lender to negotiate on your behalf and determine what you owe to date.
After we determine the market value we will set a listing price and your home will be listed and Marketed on the MLS.
Once Offer is Received and you have approved the offer, we will negotiate with your lender for their approval of the Short Sale
Once Short Sale is approved by lender, escrow process begins
After all parties meet their obligations escrow is closed and short sale is successfully closed.
Start rebuilding your life and credit!
What you can and should do now if you think you are going to short sale:
Gather Financial Documentation including: Tax statements, paycheck stubs, medical bills, mortgage statements and anything you think you will need to support your Hardship case.
Contact Legal, Tax and Financial Professionals for their advise on how the short sale will effect you in each of these areas.

More Options For Avoiding Foreclosure

 

And on a more personal note: We have personally had friends and family experience hardship and have to Short Sale their homes. It is not an easy decision but once the process is over there is such a feeling of freedom that will allow you to have a more productive life and eventually be able to enjoy home ownership again if you choose to do so. Before you do anything else, let go of any negative judgment you have about your situation. We all experience challenges in life. Many of the worlds most successful people have had much larger challenges than you are probably going through right now. Like them, you must detach emotionally and realize this is a business decision and indeed, this too shall pass!

Copyright © 2010 By Stephen Munson, Munson Realty|Process of Short Sale | *What is the Process for Short Selling a Home,Process of a short Sale

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Stephen Munson -
About the Author:

Stephen Munson and Luis Montejano are both Home Short Sale Specialist in the Los Angeles area.

Watching their own friends and family experience the devastating realization of facing foreclosure inspired this Real Estate Team to focus their real estate practice onto helping homeowners avoid foreclosure

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Article Tags:
home short sale, short sale, short sales, process of short sale, home short sale process, short sale process

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I just made an offer on a short sale in Columbia, SC. Accu Bank is the mortgage holder, and I’m just wondering how long I should expect it to take for them to process the offer.

www.shortsaleshub.com what is a short sale, are there more short sales coming. why would a lender to a short sale, shot sale criteria.

If some one could get me an answer or a link because this Realtor is totally driving me nuts. Okay here goes.
I want to purchase this home using my VA . Im all set with the lender and all. However the home I want to purchase is a REO aka BANK OWNED as everything else these days. So the listing agent is saying that since 2 cubbards out of 11 are missing, stove/range and wall microwave is missing, that the VA inspector will not approve it. Hes saying theyll deem it unlivable. The Realtor is saying I need to get something in writeing from VA. like rules and regulations supporting that VA’s guidelines are not based on the above listed items. Supposedly this realtor claims to have been dealing with VA for 30 years.. blah blah . My realtor is saying lets move on & forget about it, this home is ideal and exactly where I want 2b . But weve gotton either outbid or some reason not getting a home. Just think weve put about 20 offers in in the past 3 months. Its crazy in Sacramento CA Help Please

I recently made an offer on a short sale property at the end of August. I want to figure out how long does it typically take for the bank to approve the short sale after the short sale packet has been turned into them. I’m hoping that I will be able to close before November 31 so I can get the $8000 tax credit.

We had our offer accepted on a short sale home from the homeowner, and we know that the home owner’s bank have to approve the short sale, but since we have the “ratified” contract from the home owner are we now able to start the home loan approval process with our loan officer, or do we have to wait for the bank to approve the sale?

Also for the first time home buyers tax credit, I know you have to be under contract by april 30, 2010, so does that mean that we have met that requirement since we are under contract on the home because the home owner ratified the contract? Or does the requirement need the banks approval to be officially undercontract?

Note: The MLS site was updated that the house is under contract.
We ARE prequalified by the way. But of course that is just based on your income and tax credit. I am taking about the full approval aka going to underwriting, etc.

The sellers have approved our offer, and the short sale is an approved short sale. The sellers have responded really fast. Now I think we are waiting for the negotiator at the lenders office. So does this take a long time. (The bank already approved it…I think….that is why it was an approved short sale. Please correct me if I am wrong).

The lender is very persistent and has been working really fast for us because she knows my husband is going on deployment at the end of August….so just wondering what goes on next…and what is happening now.

Thanks ahead for the responses.
Thanks Jennifer…yes the original listing was for $199k, but the actual appraisal was $188k, so we offered $190k. It was on the market for over 90 days. I wonder if that makes a difference…

If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?