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Real Estate Short Sale Questions and Answers |
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Question: Can I avoid a credit hit on a short sale?
If I make prior arrangements to pay any shortfall on the sale of my existing house with the bank, can I avoid having it affect my credit? I am considering a move from an overheated market where I am upside down on my mortgage to a stabilized, cheaper market where I'll be able to afford a cheaper mortgage plus make regular payments to settle any shortfall. I've heard that banks won't consider a short sale until you're behind on payments. Would they consider it if I'm a good credit risk with solid income and room to pay off the difference? I am assuming that if I can scrounge the $ beforehand, I'm best off to offer a seller 2nd to a buyer to make the bank whole, right? I need to move for a job, and the market where I live is DEAD.
Casey, don't misunderstand--I love my bank. I've bought 3 houses with them. That's the whole point. I need to move and I can't make enough to pay off the mortgage in the sale. All I want to know is if I can work out an arrangement that will satisfy them and not nuke my otherwise great credit!Answer: Move , get a job, rent the past house, rent the new house. ...
Move , get a job, rent the past house, rent the new house. Save up every penny and pay only the bills... don't give anything away in a quit claim until it is lost.Answer: If I'm reading your question correctly, you are going to ...
If I'm reading your question correctly, you are going to sell your home for less than the balance of the mortgage but pay the difference to the bank. If that's the case, your credit will not be impacted.
The problem is not that the house sells for less than is due. The problem is when the bank is left with less than the balance owed. In your scenario, the bank will get the full balance owed, so there is no credit issue.Answer: Banks generally won't consider a short sale unless you ...
Banks generally won't consider a short sale unless you in dire financial straits, and a foreclosure is inevitable. A bank may consider what you propose, but it wold probably depend on the amount of the shortfall and if you could provide as some sort of collateral for the difference. It really isn't in the bank's best interest to take a loss on a house the owner can still afford, and take the risk on you not being able to pay the difference.
It never hurts to ask, but before you do have any payment plan on paper projected out before you talk with the bank.Answer: You can actually sell your house short without it hurting ...
You can actually sell your house short without it hurting your credit, but it is very rare. You have to prove that you can no longer afford your house. If you can make the payments and afford them, the bank will not allow a short sale... in fact, they will pursue you heavier if you stop paying.
Be careful... it's not the banks fault that you have buyer's remorse for buying an investment that lost you money... you simply borrowed the money from them to buy this house... it's not their fault it dropped in price.Question: If a short-sale property goes inactive on the MLS, does that mean my offer was approved?
Answer: This has happened to me. I later found out thatoffer ...
This has happened to me. I later found out thatoffer and another was being reviewed by the seller's bank. They were getting too many calls for showings, so they inactivated it. Still waiting to hear........... Good Luck!Answer: Your offer is not approved until you have a signed contract ...
Your offer is not approved until you have a signed contract and have acknowledged receipt of it.
Usually we change the status on MLS to pending if there is an accepted offer.
Are you working with the Seller's agent by chance?
Sometimes an agent thinks they've got a good offer or two that they believe will be accepted so they inactivate it.
The Seller really should approve this type of status change as it eliminates the possibility that any other buyers will be coming forward. I guess you could interpret that as the Seller is satisfied with the offer and doesn't want it shown anymore.
On a short sale, it is really not the bank's decision. Generally a short sale means the Seller is going to make up the monetary difference to close the deal. While they can try to get the bank to accept less than the full loan balance, this is usually not described as a short sale.
I think it's a good sign however, the Seller could be going out of town and doesn't want the house shown while he is away.
Don't worry - you'll get it, IF it is the right place for you. If it is not, you won't get it but something better will come along and you'll understand why this one didn't work.
I've seen it happen this way hundreds of times. Good luck.Answer: Not necessarily...... Why need you ask? Your agent should ...
Not necessarily...... Why need you ask? Your agent should be keeping you up to date on your offer. A property will usually disappear from the MLS because:
a) it's been taken off the market by the seller
b) the seller hasn't relisted with the agency it first appeared with and is being assigned to another agency. In which case, it will likely appear again in a few days.
c)the listing agreement expired and hasn't been renewed yet. the mls system will automatically remove an expired listing. the agent must go in and extend the list date for it to reappear.
d)the listing status has changed from active to pending, withdrawn, expired or closed.
If the property has been w'drawn from the market or another offer has been accepted by the seller, whomever you are working with should notify you immediately and return your earnest money.Answer: No.
The listing probably expired and the Realtor will ...
No.
The listing probably expired and the Realtor will need to put it back on the MLS and change the status to "pending".
Those are the MLS guidelines.Answer: No. Short sales can be extremely lengthly. Cantact your ...
No. Short sales can be extremely lengthly. Cantact your agent. The bank takes a long time.Answer: No, it is not approved until you receive a signed copy of ...
No, it is not approved until you receive a signed copy of your offer from the bank.
Your agent should be able to tell you where it is at. Be prepared to wait months for it to go through all of the various hoops it has to navigate.Question: I have an investment property that is having a short sale will I receive a 1099s from the bank?
the mortage company told me that bush's economic package made it where homeowners and investors will not get 1099 for a short sale over the next 3 yearsAnswer: The company told you that?
It is not true, it is only for ...
The company told you that?
It is not true, it is only for some homeowers, no business at all.Answer: Your mortgage company is wrong. You will receive a 1099 for ...
Your mortgage company is wrong. You will receive a 1099 for your "income". Check with a financial planner or accountant to help you. Good luck.Answer: magic 8-ball says........"better get that in ...
my magic 8-ball says........"better get that in writing"Question: I you sell your home in a short sale, what happens to any liens?
that are on the home. Are they added to the price of the home.Answer: Answer is simple. You can't sell your home if you have ...
Answer is simple. You can't sell your home if you have any liens on it.Answer: 95% of all lenders demand to be paid off upon a ...
95% of all lenders demand to be paid off upon a sale.
what would you like to know? a sales price is whatever the seller accepts; if the lien is not covered at close, the seller must come "out of pocket."Answer: I had a lien from a bad business deal that attached to...
I had a lien from a bad business deal that attached tohouse. I was stuck paying and I knew the equity would never pass the amount of the lien. I turned it over to the bank. the sell had some equity that went to the holder of the lien. It did not satiate the lien and the rest of the lien went away. that was it. If you short sell there will be no money for second or third etc lien holders. If you have contracts with other lien holders the terms of the contract apply. If they have a judgment against you they can still enforce the judgment. The only way to get out of the judgment is Bankruptcy.Answer: If there are additional liens of the house, they have to ...
If there are additional liens of the house, they have to agree to the short sale as well. Often this requires multiple short sales, with individual negotiations with the secondary lien holders. This is not as horrible as it sounds, because if the house forecloses, all secondary lien holders (with the exception of IRS, and other government liens) get wiped clean and they walk away with nothing. They can put up a roadblock to the short sale, but it would be a losing position for them if the house forecloses.Question: We sold our home via short sale and have yet to recieve any 1099 info from the lender, will I get one?
What steps should I take for tax purposes? If I do not recieve a 1099 this year, will I have to worry about it in the future? I live in CO. ThanksAnswer: if you sold your house in 2007 then YES, you definately need ...
if you sold your house in 2007 then YES, you definately need that form before you file your taxes....Answer: If you sold your home in 2007 or 2008, you will not owe ...
If you sold your home in 2007 or 2008, you will not owe taxes on the short sale. They changed that law in December, and made it retroactive to January 2007. |
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