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Real Estate Short Sale Questions and Answers |
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Question: What exactly (in plainest terms possible) is a "short sale"?
Answer: A house for sale for less then the amount owed on it by the ...
A house for sale for less then the amount owed on it by the seller.Answer: A short sale is one in which the seller owes MORE than the ...
A short sale is one in which the seller owes MORE than the house is being sold for, and the lender must approve any offer tendered because they must agree to clear title without being fully paid for the amount due on the mortgage.Answer: A short sale means when the owner is willing to sell the ...
A short sale means when the owner is willing to sell the house less than he owes on it. It usually means that the house will sell very very quickly and it's sold way below its value.Answer: A short sale is when the bank or mortgage holder agrees to a ...
A short sale is when the bank or mortgage holder agrees to a sale of a property by the current owner for less than the amount owed on the mortgage.
This usually happens when the owner is about to default on their mortgage, and the bank and/or mortgage holder would rather take a partial loss now than to have to take the property back and deal with it later.Answer: House sells for less than the outstanding mortgage balance.
House sells for less than the outstanding mortgage balance.Question: Foreclosure on house while its up for short sale?
My parents house is on short sale and they have one buyer, but the foreclosure letter came today and said that the house will be up for auction in nine days. Where do they go from there? Do they have to leave if the house technically is for sale? Also, there is one person who offered a price. Any info will help, thanks in advance.Answer: Hello,
Have them do anything and everything to hold off ...
Hello,
Have them do anything and everything to hold off this foreclosure process!
Have them call the bank or whomever who carries the contract. Communication is the best thing!
They may have to set up some kind of payment, they are behind but with some talking might be able to save there arces.
Otherwise start packing up :0(
Wish you and your parents all the luck in the world!! I saw on CNN people getting evicted and it darn near made me cry!!Answer: If there is an Agreement of Sale talk to the lender.
If there is an Agreement of Sale talk to the lender.Answer: obviously talk to the lender see if they are willing to wait ...
obviously talk to the lender see if they are willing to wait to see if this buyer and short sale will work out
but on the other hand, the lender may think either the short sale price is to low, the deal will not go threw for a reason, or its been so long waiting for a deal that they just want it off the books, in these cases in nine days the house will be sold at auctionAnswer: being up for sale does not stop a foreclosure. The bank ...
being up for sale does not stop a foreclosure. The bank usually agrees to a time frame, usually 4 months when they originally agree to the short sale.
From the sounds of it they need to move out, the house will be REO in 9 days and they can not longer live there.
The offer made was only good for 72 hours, so it will also be void (expired) before the bank reclaims their property.Answer: When the short sale was started, the Realtor should have ...
When the short sale was started, the Realtor should have contacted the bank (because it can't be a short sale without the bank's approval), so the bank should be aware the house if for sale. Once there is a legitimate offer, the offer should be turned over to the bank.
The bank will order an appraisal of the property (this takes anywhere from 21-60 days depending on the bank), then decide whether to take the offer, or continue with the foreclosure process. If you've had an offer on the property and that offer has NOT been forwarded to the bank, your Realtor is not doing their job. Get that offer to the bank ASAP.Answer: If you have a contract for sale (offer) on the house then ...
If you have a contract for sale (offer) on the house then the bank should work with you. The last thing the bank wants these days is more red on the books.
But there are plenty of ways to postpone the foreclosure. Have you looked into filing for bankruptcy? Chances are you will not be accepted into bankruptcy but just filing for it will give you an open window for about 30days to get denied, for which the bank will not be able foreclose on the house.. I am an investor and I have saved houses 20min before the auction by using this method.Answer: Hello
Please go to this website: ...
Hello
Please go to this website: http://www.almahelp.com/alma/request/
This is the only company I have found that is a reputable loss mitagition company that WONT charge anything upfront.... they will only charge you IF THEY CAN HELP,... unlike those other companies requesting anywhere from $1800-2500.00 UPFRONT, yet they cant gareentee they can really help..... ALMA cant either but at least they dont charge unless they do help.Answer: Hi,
I used "Credit Solution" to settledebt ...
Hi,
I used "Credit Solution" to settledebt and avoid foreclosure.They managed to reducedebt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://yatuc.com/bidQuestion: I want to move. Is short sale an option?
My wife was robbed in my front yard last week and I'm out of this place, the area has gone to crap. I refuse to raise my kids in a place like this. Three years ago is was a nice quiet area now drugs and crime. I owe about 250k and my home maybe worth 185k. Can I do a short sale or just give it back in forclosure. Staying here is not an option and renting it out doesn't make since the market is slammed with rentals which has driven the prices down so muchAnswer: Welcome to the current real estate market. You can ask the ...
Welcome to the current real estate market. You can ask the bank to do a short sale, and they may or may not agree. However, if you get them to agree to do so, expect to rent somewhere for the next five years minimum, since you won't be getting a mortgage from another lender with a short sale in your credit file.Answer: Only your lender can tell you if they will allow a short ...
Only your lender can tell you if they will allow a short sale or deed in leiu, we can't.
Don't count on buying anything else for 7 years.Question: I am considering a short sale on my house: Should I?. I'm a 1st time home owner, no refinance or 2nd mortgage.
I bought a home that cost $325,000.00 even though it went against my better judgement. My wife (who I was only engaged to at the time) was the one who made the offer on the house. Her credit wasn't terrible, but it wasn't that good either. Her debt was hefty. So our loan officer recommended that we take out the home loan in my name even though we sought a joint account. I took his advice and next thing I knew she took off. (I only accepted the loan knowing that when my wife sold her home and paid down debt she would provide a second income and we could refinance for a better loan and a way better interest rate) Now I own a home that I can barely afford based on my income. But incidental expenses aren't worked into these subprime mortgages. My only options are a short sale, a deed in leu of foreclosure, or foreclosure. Please respond only if you have advice about short sales. Anyone who wishes to sound off on ppl in mortgage crisis's -- write me bartlebyonline@yahoo.com.Answer: You should plan to stay in the house for 7 to 10 years. ...
You should plan to stay in the house for 7 to 10 years. Conservatively, that's about how much time it'll take before you'll make a profit - in consideration of the market conditions. To survive financially, you should rent a room or two. I'm aware that sharing the house isn't the best solution. But, it's much better than foreclosure, the impact to your credit, or barely surviving on your income.
I think you'll loose too much money on a short sale to consider it.
I hope that you didn't put the wife on the deed. If you did, you should look at doing a name change to remove her.Answer: Can you try to sell the house. Perhaps with a Lease Purchase ...
Can you try to sell the house. Perhaps with a Lease Purchase Agreement so you actually still own the house but are leasing it out to someone who can afford it but you still officially own it until they complete payments. Mark up the payments abvove your mortgage a little so you can still buffer youself. Speak to a real estate attorney. You must be creative in this market. Good luck!Answer: I will first answer your question about whether you should ...
I will first answer your question about whether you should do a short sale. Here is how to decide if that is a good move to make.
First, get a reliable estimate of the price that you can honestly expect to get if you sell the house. A licensed real estate appraiser can do an appraisal for you (ask for a 'short form' appraisal..not one for use by a lender!) and you will have a reliable estimate of the value of the house in today's market. The appraisal will also help considerably to support your asking price if you do sell. Compare the appraisal's value with a CMA done by any licensed real estate agent. The CMA is a document that shows what the agent believes the home might bring and often is more optomistic than the appraiser's value.
Second, deduct all costs of sale from the LOWER of the two values. This market is soft nearly everywhere and you do not need to over estimate what your home will bring. Ask the lender for a current payoff amount (not your balance!) and deduct that also. The remaining amount is your expected Seller Net proceeds.
If you have a negative number as a result, that is the amount you would need to ask the lender to approve for a "short sale." Once you have this number, contact your lender, show them the appraisal and your calculations, and ask if they will accept a sale that is "short" that amount. If yes, get a short sale form and a letter from whomever you speak with that indicates they would be willing to accept a short sale up to that amount of money. Then list your home for sale.
Obviously, if your lender will not do a short sale, and some won't, then you may need to find a way to borrow the amount you are short, setting it up on some sort of payment plan that would work in your budget. If you do this, your credit will not be hit badly as the lender will be full paid. You can then move into something easily affordable and pay out the deficiency balance over time. This is a better outcome than any foreclosure or deed in leiu of foreclosure. as both these things hurt your credit badly and for a much longer time.
In today's market, more and more lenders are willing to accept a short sale. Some may even forgive all of the deficiency or settle it with you for less than the full amount.
Foreclosure or a deed in lieu will typically result in many excessive costs being added to the amount you owe, such as legal fees, late fees, escalated interest rates, or other costs. The lender will also sell the house without worrying too much at what it gets. Foreclosed homes often sell way less than you would get by selling it as an owner occupied home on the fair market. Thus, either of these things will likely leave you facing a much bigger deficiency balance that the lender may not be as willing to forgive or settle. Try to avoid foreclosure or a deed in lieu at all costs.
While your options seem limited, there are several more you should pursue. Many programs are becoming available targeted to help homeowners trying to restructure their mortages. These are designed to help subprime borrowers and you probably will qualify. Contact your lender and work hard with them. It may take many calls, much patience, and a lot of persistance, but if you do stay with it, there is an excellent chance your lender will work out a solution with you.
Explain to your lender you need a "workout" plan. Many lenders are willing to defer payments for a few months, extend the loan term, lower the interest rate, or even do interest only for as long as a year. Some lender today are even writing off some of the principle to reduce the total amount you owe. Yes, I did say write off principle! In fact, that is the position the federal Treasury Secretary is urging more lenders to consider. A great push is being made right now to find ways to help homeowners avoid foreclosure. Hanging in there makes good sense as you may see many more options open up in a few more months.
You may want to consider leasing the home out and moving to a lower cost place yourself. Doing that for a few years would mean the tenants would be paying the payments and reducing your debt. After the housing market recovers you will owe less and may even be able to sell the unit for some positive cash out.
Refinancing may look impossible to you, however it may not be. If you look long and hard enough you may find a lender who is willing to do this refinance. Don't give up on that idea without trying several lenders. You appear to have enough income to make a somewhat lesser payment. Interest rates are lower now and it could be possible to refinance the home with a payment you can afford. Check into credit unions as well as major banks and mortgage lenders.
If you look at this from a more detached point of view, you will see that this is not nearly as hopeless situation as it may seem to you. When storms are raging around you, it is very hard to see sunshine and fair skies. But they will return. Don't give up...instead, just dig in and work to find some solutions. Good luck!Answer: Hello Every body,
I live in the US and I really have ...
Hello Every body,
I live in the US and I really have never seen goodness shown to me this much inlife as I am a struggling mum with three kids and I have been going through really rough times inlife andname is Helen Peters and in all this hard times, a worse incident occured inlife as I lostjob which wasonly means of survival and things became really bad as I had bills to pay andlast son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as I have no family and no one to run to and each night, I will sit down and cry till the break of dun until one day, I read an advert on yahoo answers of man that stated that he could help people inshoes with loans and indesperate situation, I had no choice but I had to try and so shocking and suprising, it was like an impossibility becoming a reality, I got a loan of $60,000 USD even withbad credit within 48 hours andsons surgery was done and thank GOD it was successful and now, I am okay and living in comfort withkids and I said toself, I have never ever seen this kind of wonder inlife and I decided I will tell it to the whole wild world and I need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me andfamily even when all hope had been lost and gone and I will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are informer situation or require a loan legitimately, I will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and I want you all to pray for this man for me.Answer: Hi,
I used "Credit Solution" to settledebt ...
Hi,
I used "Credit Solution" to settledebt and improvecredit score.They managed to reducedebt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/veJ1ggAnswer: Hello,
Are you financial backward? Are you ...
Hello,
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is a company with unlimited capital to fund all existent, proposed project needs and desires. Austin Potter of Potter's Monitory firm provides a number of financial assistance programs for small businesses including personal mortgage loans,home loans,car loans,company loans, start up business Loans. Our lending Program is designed to provide expeditious service on loan transfers to clients who have successfully completed their loan applications and a thorough understanding of our policies and procedures.We would love to fund projects at hand and offer personal loans as well to you, your firm/partners and clients.
Looking forward hear from you on that Loan proposal in other that we may process and fund you. Contact us for further details on E-mail austin_potterloans37@yahoo.com
GOD bless you all.Question: I bought my house Jan 2008. Can I refinance to get cash out. House was bought as a short sale. Value 840,000.?
Answer: The short answers is yes.... finding a lender willing to do ...
The short answers is yes.... finding a lender willing to do it..... little more difficult. Couple of things working against you
Size of the loan
Fact you just brought it
Little appetite for cash out loans
Your credit will have to be STRONG (Drop me off a 300ft cliff and walk away strong) and the loan to value (what the property is worth vs. what you will owe on it) will have to be less than 90% unless you want to get killed on the interest rate. Also expect to pay fees. Up to 1% origination plus attorneys fees etc.
good luckAnswer: If you have the equity and decent credit.
If you have the equity and decent credit.Answer: in 10 years of being in the mortgage buisness I have yet to ...
in 10 years of being in the mortgage buisness I have yet to find a lender who will do what you are asking and believe me I have searched far and wide, almost everyone I know wants you to be what is called "seasoned" that means you have to be on the mortgage and most important of all the deed for one full year before they will consider doing a loan for a refinance, the information you got from your first answer is pretty much right on, except for the seasoning issue, if you find a lender in todays market it will be in the secondary market with a very high interest rate, and I certainly dont know one. glAnswer: All lenders want to see seasoned mortgage payments of 12 ...
All lenders want to see seasoned mortgage payments of 12 months.
You may or may not find one that wants 6 months. Outside of that I tried and they all want the same thing. Why? Look at all of the forclosures.Answer: The banker above is quite confused. No ONE, and I repeat, NO ...
The banker above is quite confused. No ONE, and I repeat, NO ONE is doing cash out refis of that amount over 75% LTV and with less than 6 months minimum, seasoning, usually 12.
Did I say NO ONE?Question: If I am filing for foreclosure or short sale, would bankrupcy help me in the long run??
If I am filing for foreclosure or short sale, would bankrupcy help me in the long run??Answer: Yes, it's possible. If you go through with a short sale ...
Yes, it's possible. If you go through with a short sale you will be 1099'd for the balance of the home loan. If you file for bankruptcy that balance can be included.Answer: Since your credit rating is down at this time with the ...
Since your credit rating is down at this time with the bankrupcy it will wipe out all depts. Then your credit rating will be hammered down to in the 300`s
Now since you are at the bottom you have no place to go but back up.
There are thousands and thousands of folks out there that are in the same boat..
Since the titanic (homes) have gone down.Answer: Hi,
I used "Credit Solution" to settledebt ...
Hi,
I used "Credit Solution" to settledebt and recover avoid foreclosure.They managed to reducedebt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://www.x.se/a5nf |
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