eal estate attorney shares 5 points for consideration when it comes to short sales
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2013
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http://www.proven-resource.com/
Real estate attorney shares 5
points for consideration when
it comes to "short sales"
David Soble
Proven Resource LLC
888-789-1715 David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
Home owners who find themselves
upside down in their home have several
choices to make when confronted with a
home value that is substantially less than
their mortgage.
They can stay and do nothing in hopes
that the value of their home will
appreciate someday. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
They can try to modify their mortgage
with their lender. Finally, if they need to
leave the home for financial reasons or
otherwise, they can either default on
their mortgage which will lead to a
foreclosure, or they can short sell their
home.
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
The term "short sale" has become a
popular term in recent years and simply
means that assuming there is a
mortgage on the home, the lender will
have to approve of a home sale in which
the sale proceeds less than what is owed
on the home. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
Real estate agents who market
themselves as "short sale" specialist are
simply real estate agents who sell your
home for less than the mortgage
amount. Please note, there is no federal
or state licenses for a "short sale"
specialist.
It is just a title that real estate agents
like to use so as to impress less
knowledgeable home owners. Here is
what your real estate agent most likely
will not tell you:
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
1. Short sale approvals are not
automatic. Despite what your agent may
tell you when listing your home, when
considering a short sale request, lenders
look at an extensive financial statement
and hardship application from the home
owner. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
Lenders also look at the marketing area
of a home, assess comparable home
values, and then determine your financial
ability to repay the current mortgage.
Also note: Lenders can allow the short
sale to go forward, but still require the
home owner to make payment
arrangements on the balance of the loan
even after the home sells.
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
2. A short sale happens only upon the
home sale. If you are able to do so, do
not stop making payments to lender
while the home is being listed. Failure to
do so will affect your credit. Don't listen
to anyone who tells you to stop making
payments. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
What happens if the home never sells?
Now you have a mortgage default and a
possible foreclosure. When completed, a
short sale will also be reflected upon your
credit report and can last anywhere from
3 -5 years.
And while is better than having a
foreclosure reported on your credit, it still
affects your ability to obtain future new
home financing. It is said that a short
sale will cause a credit score to decline
by 150 points
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
3. Arms -lengths agreements are
contacts just like your mortgage
agreement. Some lenders have short
sale agreements that restrict the home
buyer in a short sale from selling the
home back to original home owner.
Called an Arms- Length Sales
agreements require buyers, mortgage
brokers, real estate agents and title
companies to attest that the short sale is
at arms length.
