Avoid Foreclosure With A Real Estate Short Sale

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Home Page > Finance > Real Estate > Avoid Foreclosure With A Real Estate Short Sale

Avoid Foreclosure With A Real Estate Short Sale

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Posted: Nov 09, 2009 |Comments: 0
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A short sale happens with a mortgage lender who holds your loan agrees to accept the short amount of the sale as payment in full. Not every lender will accept a short sale even if you meet all of the requirements for one. The bank will make their decision based on what makes the most sense for the bank. If the short sale will save them money on the foreclosure they are likely to accept the short sale. On the other hand, if the terms of the short sale are not that good, the bank may decide to  foreclose on your home instead.

Not every home qualifies for a short sale. In order to take advantage
of the short sale to avoid bankruptcy you have to meet these
qualifications:

1 – Your home has to have suffered a market value drop. This market
drop must be a result of falling comparable sale prices in your area. It
also must reduce the value of your home too less than your current
loan balance.

2 – Your Mortgage must be in or near default status. You must be in
one of the three stages of foreclosure, or you must be able to
demonstrate to the bank that you soon will be under your current
circumstances.

3 – The cause of your situation must be the result of your having fallen
upon hard times. Losing your income, divorce, and medical
emergencies are examples of falling on hard times. Simply spending
your money unwisely does not count. Things like pregnancy or lifestyle
changes also do not qualify as hardships for a short sale. You will have
to submit a hardship letter to the mortgage lender explaining your
circumstances and the reasons you have or soon will cease to make
your monthly mortgage payments and why you cannot pay the
deficiency when the home sells.

4 – You must not have assets. You will have to produce tax returns,
financial statements, and other legal documents to demonstrate that
you have no assets that can be used to make up the deficiency. If you
do have assets the lender may discount the deficiency to allow you to
pay a portion of it, or they may deny the short sale request.

Once these requirements are met, you must still find a realtor to sell
the home on a short sale, a buyer to buy the home, and the lender will
have to approve the buyer’s offer. If any of these conditions are not
met, you will not qualify for a real estate short sale. You may still be
able to avoid foreclosure through refinancing or a loan modification.

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About the Author:

Ben is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, real estate forms, power of attorney forms, landlord tenant forms, and most any legal form that your searching for.

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Article Tags:
short sale, real estae, mortgage lender, loan, bank

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I am in the process of purchasing my first home and a few properties that I have come across have been short sales. These properties are still on the market right? Why don’t they want to show them to me?

www.DMVRealEstateSecrets.com

www.fourseasrealty.com . Free VIP Real estate search. Search all Oceanside California homes for sale and the entire San Diego County MLS. Search Oceanside Real Estate, Short Sale, Foreclosures, REO, and Auction Properties.

I am looking for a class action attorney who is willing to represent the countless agents in California who have worked diligently on “short sale listings” only to have the bank foreclose on the property and give the listing to an REO broker offering them more commission and refusing compensation for time and money spent on Utilities, cleaning and preparing the properties etc… E mail me if you would like more detail on the unfair, unethical, and scandalous business practices of almost all of the major banks. The list is long.

Part 3: Dawn Rickabaugh shares her experience with Short Sales. Short Sales are almost inevitable in today’s market because banks and lenders were aggressive with zero down and easy qualifying. Now that home prices are no longer what they used to be just a few years ago, banks and lenders will be “shorted” from the sale of the property. In this informal meeting, Dawn tells us what banks and lenders and doing and what you must do to get into this market.

We are interested in a property (CA bay area) newly built in 2006 (with 12 other homes in a small new community within an old neighborhood where houses are $600K-800K) which originally sold for $1.3M. Crazy. Zillow shows that it was resold in early 2007 for $1.0M. Although it’s a “new” house, it was overpriced (IMHO)in 2006 and 2007 due to the following factors:
Located in a older neighborhood with older homes
There are other homes in the city(5 min away) in nice planned community with shared amenities that cost $600K-800K
Dirt yard, anticipate spending 40-50K in grading and landscaping (house on a slope, on a hill)
Bank is asking $1M, and has been on the market for about 4-5 months at this point. Current Zillow valuation is $1M because it is using the comps from the 12 neighbors from 2006 and 2007.
I’d like to bid $600K. Am I nuts? If rejected, I plan on resubmitting offer every 30 days if it stays on the market. Any thoughts on this?

Part 1: Dawn Rickabaugh shares her experience with Short Sales. Short Sales are almost inevitable in today’s market because banks and lenders were aggressive with zero down and easy qualifying. Now that home prices are no longer what they used to be just a few years ago, banks and lenders will be “shorted” from the sale of the property. In this informal meeting, Dawn tells us what banks and lenders and doing and what you must do to get into this market.

Part 1 – In this video we define what a short-sale is and dig into the pro’s & con’s of this type of real estate transaction. This will help anyone looking to either sell their current home as a short-sale or buy one of the many short-sale homes available in today’s market.

I have a signed and accepted contract by the person that owns the house but not by the bank yet does that still count under the 8,000 tax credit? The home is an approved short sale and my offer was accepted by the owner but now I am waiting on the bank(the owners side not mine) Does the contract have to be finalized by the bank before april 30th in order to qualify?