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Real Estate Short Sale Questions and Answers |
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Question: Rental home rented thru a prop mgtmnt, but another realtor was hired to short sale the house, what can I do?
Rented a house on Feb 15, 2008 from an owner via a property mgtmt group. Then on March 22, recieved a letter from another realtor that says the house is in pre foreclosure and they are going to do a short sale. Do I have any rights what so ever? The original property mgtmnt had no idea that is was in foreclosure.Answer: If you have a lease and the property sells...then the new ...
If you have a lease and the property sells...then the new owner must honor the lease.
If the house goes into forclosure and the bank takes possession..you have no rights and your lease becomes null and void. The bank would only be required to give you between 14-30 (depending on your state) days notice to vacate.Question: What's the difference between a foreclosure & a short sale?
My sister & her husband have finally decided they cannot afford their house. The mortgage company is giving them 45 days to come up with a lot of money or they will begin foreclosure.
A friend of ours mentioned selling the house in a "short sale" but none of us have ever heard of this. What is a "short sale" and how is it different than a foreclosure?
Does that mean you come out OWING money at closing when you sell or does it mean you need to sell ASAP?
So are they viewed differently on their credit or are they still viewed as defaulting on their home loan?Answer: selling for less than what is owed,in order to sell quickly ...
selling for less than what is owed,in order to sell quickly in a buyers market...Answer: Here's a short sale: You owe $100,000 on a house. You ...
Here's a short sale: You owe $100,000 on a house. You want to sell, but can only get $80,000 for the house. You ask your lender to accept the $80,000 as payment in full for the loan. If they agree, that's known as a short sale. If they do not agree, you need to either keep the house or come up with $20,000 to pay off the remainder of the loan.
A foreclosure is way worse, they take the ownership of the property away from you. It also has a very negative impact on your credit rating.
Unfortunately, in your sister's case, if the loan is in such as state as the bank is starting their foreclosure procedures, it is probably too late for a short sale. They want their money or the property.Answer: Short sale is viewed as "paid in full" because the ...
Short sale is viewed as "paid in full" because the lender has agreed to accept the sale price as "paid in full".
Short sale benefits both lender and seller. Seller's credit is "saved" and lender gets most of their money back without having to go through the very expensive foreclosure process and deal with auctioning he property where they may actually get less than the amount of the short sale. Your best bet is to try to work with the lender. It is not too late for a short sale until the foreclosure has actually happened.Answer: People have explained it pretty well, but they forgot to ...
People have explained it pretty well, but they forgot to mention a couple of things. When you do a short sale and sell the home for less then owed, the lender is agreeing to "eat" that loss. Meaning they will not come after you for repayment. Now if they foreclose, and the bank can only sell your home at the same loss you could of, they will come after you. So in a short sale if they lose 20k, they will wash it away. If they foreclose and lose 20k, they will slap you with a deficiency judgment, and it will be a lien on your credit.Answer: Hi,
Short sale is when the bank agrees to take less than ...
Hi,
Short sale is when the bank agrees to take less than the actual amount owed on a home when it is sold. Typically the home is listed for an amount lower than neighboring properties that are not short sales or foreclosures.
As far as credit is concerned both will hurt your credit, but a short sale is a better option. You will still pay higher interest and have a lower score with a short sale, but if employers (who use credit now as part of their decision making for hiring and for promotions) will most likely look on a short sale in a different light.
Since the bank has not started foreclosure, I would suggest your sister put her home up for sale with a short-sale specialist and let the bank know that. Either the Realtor or your sister should see if they can get assigned a short sale negotiator through their lender - they may not be able to do that until they have an actual offer in hand.
If you have any further questions you can email me. I am a Realtor in San Diego California - but can at least answer questions. I also spent about 20 years in the mortgage industry - including loss mitigation.
Thanks Tamara
www.tntsellhomes.comQuestion: Exactly what does the term "short sale" mean?
All I know is that it has something to do with foreclosure alternatives.Answer: Let's say you owe $100,000 on a house. You want to ...
Let's say you owe $100,000 on a house. You want to sell, but can only get $80,000 for the house. You ask your lender to accept the $80,000 as payment in full for the loan. If they agree, that's known as a short sale. If they do not agree, you need to either keep the house or come up with $20,000 to pay off the remainder of the loan.Answer: People have explained it pretty well, but they forgot to ...
People have explained it pretty well, but they forgot to mention a couple of things. When you do a short sale and sell the home for less then owed, the lender is agreeing to "eat" that loss. Meaning they will not come after you for repayment. Now if they foreclose, and the bank can only sell your home at the same loss you could of, they will come after you. So in a short sale if they lose 20k, they will wash it away. If they foreclose and lose 20k, they will slap you with a deficiency judgment, and it will be a lien on your credit.Question: What should I offer on a house in short sale?
My wife and I are looking at a house being sold in a short sale and we would like to get the best deal possible. It's currently listed at $380K. Six months ago it was on the market for $529K. The house needs work and the oil tank is underground. Similar houses in the area are being sold in the $400K range. The investor in me says put in an extremely low offer but we would really like to get the house. What would a reasonable offer be? Please keep in mind that the house needs $50k in work to be brought up to par.Answer: The big question is what is the mortgage value on the ...
The big question is what is the mortgage value on the property. If you can come close to the mortgage value to make it worth the while of the mortgagor to let the property go to you; then you've got your price.
It's not so much about "getting the best deal" . . . that's a given as it's well under market at any rate, right now. To win the day, do what you can to get the mortgage value ~ that's what you are buy out.Answer: The term for the period of which you speak on is called a ...
The term for the period of which you speak on is called a "Short Sale". Typically the bank will take 70% of the loan AFTER all expenses. This will include, but is not limited to: current taxes, deliquinet taxes, outstanding water bill, title work/ attorney fees for the seller and Realtor commissions (if any).
Everything that the seller would have on their side as items of their responsibility would have to be added onto that 70%. If you do that, you will get a number that with a little effort can reward you with a bargin. The bank doesn't have to take back a property and have it on their books and the seller will not get a foreclosure on their credit. It works for everyone involved.Answer: Johnny boy, you need to understand that the homeowner and ...
Johnny boy, you need to understand that the homeowner and lender are only trying to cover the mortgage balance and selling expenses. Consider this, we are all going to pay for all the foreclosures one way or another, and if we as buyers offer low ball offers in which the lenders can not cover their expenses, then we're going to pay for that as well. So you may be getting a great deal by putting in a low offer, but you too will pay for it in the long run. Be smart, don't add to this damn economic situation by being greedy.Answer: Bear in mind that there are only tons of other people out ...
Bear in mind that there are only tons of other people out there thinking the same thing and firing low ball offers. If the lender has come down that far, I doubt you can get an "extremely low offer" accepted by the lender.
Lenders obtain appraisals to determine value and regularly reject ridiculously low offers.Answer: If you start low and somebody outbids you and you still want ...
If you start low and somebody outbids you and you still want the house you have the right to ask to see the other offer in writing.Question: Short Sale?
I have an idea of what a short sale is, but if $340,000 is owed on a home, and it can only be sold for about $200,000 do you owe $140,000?
If that is the case, would it be best to go through with a forclosure... or maybe even bankruptcy? This is a home in Arizona.
This is not a primary residence... but it is impossible to keep up with the payments, as the credit cards are almost maxed out. What should be done? At this point... losing the home would not matter, but would that affect my primary residence?
Of the $340,000, $120,000 is from a home equity line... but that amount was given as a down payment for the primary residence.Answer: Wow, so many questions! It's ok. We'll tackle them ...
Wow, so many questions! It's ok. We'll tackle them in order.
A short sale renegotiates the loans on your property in order to get the lender to accept a smaller payment in full satisfaction of the loan. If you only have a first TD, and your state is a non-recourse state, your liability ends there.
I would not recommend foreclosure if short sale is an option, and I almost never recommend that anyone file bankruptcy.
You will damage your credit by virtue of the short sale, but this should have no impact on your primary residence.
I hope this helps you sleep better. Good luck to you!Answer: A short sale has no play here as it involves ...
A short sale has no play here as it involves stocks.
Filing bankruptcy pretty much trashes your credit for 10 years, so I would consider it as a last resort. A foreclosure is a close second.
You should talk with the lender and see if you can get a better rate. Many are offering those in order to avoid foreclosure.
But, if you do go through foreclosure, and you have no bulid-up of equity you want to protect, then chances are it will work. You might have $140,000 of taxable income as a result of walking, so IRS may want a piece of you.
You really should talk with an attorney before pursuing a plan.Answer: talk to the lender or an experiance realtor dealing in lost ...
talk to the lender or an experiance realtor dealing in lost mitigation, I have a client in the same situation, you have to see if the home has a recourse loan, usually if you got the loan, at the same time you purchase that property, meaning you did not refinance or have a line of credit or heloc than your ok. I see that maybe you have two homes, that is were you have to talk to a bankruptcy attorney, or your bank, if you have not called your bank already and have asked if they will take a short pay or a short sale with there approval than your off the hook but you have to do a short sale right away. With experiance realtor you can sell it right away.
or getting a service for a loss mitigator private service and they can reduce your loan amount.Answer: The difference between what you owed the lender and what it ...
The difference between what you owed the lender and what it sells for, in a short sale, is forgiven by the lender. For example, the $140,000 is debt the lender recognizes will never be repaid and you will not owe this to anyone. However, the forgiven debt in a short sale is considered taxable by the IRS. The IRS will see this $140K as income and tax you. Search for "Short Sales An Answer For Tough Times" onweb site for a good summary.Answer: If there is any possibility at all of you making the ...
If there is any possibility at all of you making the payments, the bank will know because you must first prove that you cannot make the payments. That is the most difficult thing with a short sale. But no, you will not owe140,000 because your bank will agree to sell it to another bank for that amount.Answer: I'd recommend you talk to the lender about a rate ...
I'd recommend you talk to the lender about a rate modification to see if you can get the payments back where you can afford them.
Unfortunately, there is plenty of misinformation in these posts.
If your primary residence is in a state that allows deficiency judgments, the lender can and will pursue your primary residence by attaching a lien on it for the balance you owe. And its going to be alot more than $140,000 with all the fees that are added in.
YOu need to explore other options before you consider foreclosure or bankrupcy. Your credit may already be trashed, but nothing is more devasting for a longer period of time than a foreclosure or a bankruptcy, and you will pay mor for everything that is based on credit score.Answer: Hi,
I used "Credit Solution" to settledebt ...
Hi,
I used "Credit Solution" to settledebt and avoid bankruptcy.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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