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------------------------------------------------------------------------------------------------------------ Short Sales Can Benefit Both Buyers and Sellers, But Not For The Beginner By Scott Berry , Sand Castle Realty Group, Inc. |
What is a Short Sale? As a general rule, the seller will need to be in default on their mortgage and must have stopped making mortgage payments, before a lender will consider a short sale.
Always Hire a Realtor That Has
Experience With Short Sales If you are a Seller who finds yourself in a possible Short Sale situation, it is absolutely essential that you utilize the services of a Realtor who is experienced in Short Sales. Regardless of if you are buying or selling a Short Sale property, a Realtor with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner. · Find a Realtor with Short Sale Experience Here You can't just decide you're going to sell your home at a loss by asking your lender for a short sale, and expect them to readily agree. Lenders will more than likely not consider a short sale if your payments are current. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven.
Submitting Your Offer to The
Lender
Timing Is Everything
Foreclosure vs. Short Sale If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit is the main advantage to doing a short sale. Always seek legal and tax advice before making any decision regarding a short sale. Always consult an experienced Realtor when thinking of buying or selling a short sale property.
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