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Real Estate Short Sale Questions and Answers |
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Question: Is a quick sale the same thing as a short sale?
I saw a home listing with the words "quick sale" so I wasn't sure if it's an actual term that has the same meaning as a short sale.Answer: No. the listing is just implying that the price is low so ...
No. the listing is just implying that the price is low so the house will sell quickly. It is an inducement to attract a buyer. It may be a short sale, but it may also be just another house for sale.
A short sale is the sale of a home for less than the loan owed on it. If the mortgage company agreed to the short sale, the seller would not be liable for the repayment of the mortgage after the house is sold. The mortgage company would receive all the proceeds and would consider the amount received as satisfying the full obligation.Question: What is a real estate short sale?
Answer: A short sale is where a home is sold at a price less than ...
A short sale is where a home is sold at a price less than the amount owed on the mortgage, and the lender agrees to accept the "short" loan payoff. Typically when a lender accepts a short sale the current homeowner is facing foreclosure, and behind in payments. It is cheaper for the lender to take a lower loan payoff than to continue the foreclosure process.Answer: When a homeowner is facing foreclosure, they will attempt to ...
When a homeowner is facing foreclosure, they will attempt to sell their home (with approval from their mortgage company) at a price that the mortgage company will accept. This sales price is usually less than what is owed to the mortgage company (hence the term short sell) but it is accepted by the lender to avoid the lengthy and costly process of foreclosure. The short sell process also keeps a foreclosure off the owner's credit report.Answer: The selling price of the house is less than the current ...
The selling price of the house is less than the current outstanding principal balance, interest and other charges the seller owes.Question: Is short sale pain in the neck.Should I just stop paying the mortgage?
This property is rented and I have to pay $1200 out of pocket every month.In other words working all the time to pay the mortgage on it.I purchased it 3 yrs ago and after that the market crashed. If foreclosed what will happen? Can they come after my income and the house I live in. The price of this property is now $150000 less than what I have payed 3 yrs agoAnswer: Yes, short sale is a pain in the neck. Getting a short sale ...
Yes, short sale is a pain in the neck. Getting a short sale approved it's very hard to do.
Firtable, you don't qualify for a short sale because you are consider an investor and lenders don't approve short sales for investors...Only for owner occupied properties.
I don't know in which state you live. You would have to check either with a realtor or a real estate lawyer to find out if a lender could try to collect the un-paid debt from you.
If you live in California, you don't have to worry about paying your lender back.
If you live in California, you don't have to pay anything even when the lenders sells back the property at a price less than what you currently owe on the house.
Sincerely,
www.JerryLarach.comAnswer: The loan on the property is likely non-recourse debt. So the ...
The loan on the property is likely non-recourse debt. So the lender will foreclose and take whatever they can from the sale and you don't have to pay the deficiency. Of course, your credit file is trashed for a while, but that may be unavoidable. It is better to work a short sale if you can, better for your credit file also. Whatever happens, you're not alone and it's not the end of the world. I have worked with clients before that recovered from foreclosures, BK's and short sales. It just takes time. Good luck!Answer: Best to call your local bank or a Legal Aid office in your ...
Best to call your local bank or a Legal Aid office in your area to find our the implications. My neighbor is seeking a short sale or pre-foreclosure because he's working near Torrance California now. He's a qualified buyer. So if you wish, send an email to heynat@yahoo.com and I'll let him know you have a property you may consider selling.Answer: Yes.. a short sale is a pain in the neck.. but doing the ...
Yes.. a short sale is a pain in the neck.. but doing the right thing often is! One point that Jerry mentioned is not correct (at least instate)-- investors are not exempt from being granted short sales. Don't just walk away!Answer: Use the search engine like google or yahoo to brainstorm ...
Use the search engine like google or yahoo to brainstorm some ideas first if you want to obtain the massive information,if you do not want to spend too much time,here is a good resource for your reference about your questions.http://mortgage.specialistideas.info/mortgage-information.htmlQuestion: I live in Massachusetts and maybe, I might be facing a "short sale" or foreclosure at a house that I own...
I live in a condo that I purchased before selling this house and now, that I didn't seel this house, I want to know if I'm protected from the bank to come after my condo, the place I live now.
Some people say that I am protected, that the bank can only come after my condo if I sell it. If you have any knowledge, please let me know. I want to know that I'm protected and that the bank will not come after this place where I live now.
Please, only give me input if you are knowledgable about the situation.
Thank you,
Desperated MomAnswer: you have to read the loan contract on the property that may ...
you have to read the loan contract on the property that may be foreclosed.
"non-recourse" means they won't chase you if there is a short sale or loss on foreclosure. the usual state of affairs is that they will.
GLQuestion: What happens if I stop paying my mortgage to Bear Stearns? I got screwed when they turned down my short sale.
Answer: You'll be deliquent to either Bear Stearns or JPMorgan ...
You'll be deliquent to either Bear Stearns or JPMorgan if they buy the company. So, just pay it. You can't get out of it.Answer: How did YOU get screwed, they are the ones taking the hit on ...
How did YOU get screwed, they are the ones taking the hit on a short sale.
Need more info.Answer: When you stop paying on a loan, the bank considers your loan ...
When you stop paying on a loan, the bank considers your loan to be non performing.
Therefore, they have to decide how to financially account for the loan on their balance sheet........sounds complicated? That's because it is. The long and short of it.......... is that YOUR ACTION limits what the bank should do next since they are very specific laws & regulations on how you financially account for non-performing loans. Typically, this initiates a foreclosure scenerio, which in many ways is better for the bank. The rule is that if a bank foreclosures on your property they now have control of it and can financially account for its as an asset (+ve) on their balance sheet.............so, what does this mean?
Looks like your bank is trying to force a foreclosure.....they can use your property to increase the asset value of their balance sheet int he short term and in the long term, they are hedging that they can off-load it at a better deal (most likely as part of a bulk sale, that is all foreclosed properties sold to one/several investors) than an individual short sale would bring in...........it's a numbers game at the end!Answer: If you don't pay then you'll eventually lose the ...
If you don't pay then you'll eventually lose the house. I do a fair number of short sales; in many cases, they approve another offer once they get the message that this is the number the buying public is willing to pay. If you did not have an interested buyer before, then there really wasn't a short sale for them to approve. Most lenders will not do a short sale unless you are 90 days behind anyway.Question: How would a short sale on my house affect my credit score?
how much my score will drop by and how long after can I buy another house. How long it stay on my credit reportAnswer: Your score will drop quit a bit. You could buy another home ...
Your score will drop quit a bit. You could buy another home as soon as you want, you will just need a large down payment. Anything negative stays on your report for 7 years.Answer: It is possible that a short sale will not affect your credit ...
It is possible that a short sale will not affect your credit score much depending on how the lender reports it.
If you are already behind on your payments, then getting further behind will affect you in a negative way. Foreclosure is worse.
A short sale will probably show as a settled account, paid less than owed. This is negative.
It is not as negative as 180 days late payment and/or foreclosure.Question: What are the chances my mortgage company will approve my home if a short sale is needed?
My house is on the market and has been for 3 months. We finally got an offer and have been countering back and forth. Finally, they are within $5k of our asking price. However, we priced our house to sell and we feel that this is as far as our buyers are willing to go in negotiations. I can't let it sit on the market for 8-9 months like many in our neighborhood. I'm going through a divorce and can't afford this payment any longer. My problem is that if we accept this offer, with all the commissions and closing costs, it may end up being about $2-3k short of our payoff. What are the chances our mortgage company will accept this?Answer: You are behind the ball on this. You are supposed to ...
You are behind the ball on this. You are supposed to approach the bank before you put the house on the market to see if they will accept a short sale. It usually takes a month or two for the bank to process the approval of a short sale. Will your buyers wait to see if they bank will accept it or will they move on?
I would first talk to your Real Estate agent and see if they will accept a lower commission (again, this is usually negotiated before the sale) to let the deal go through.
If neither budges you may need to find a way to come up with the $2-3k at closing because the closing cannot happen if there are not enough funds to cover the mortgage.
Good Luck!Answer: not likely, be ready to pony up the shortage...sorry. you ...
not likely, be ready to pony up the shortage...sorry. you are said to be upside downAnswer: Well first off, your mortgage company is not going to accept ...
Well first off, your mortgage company is not going to accept a short sale unless you can show a hardship. NO money in the bank etc...
If it about 2-3K short than NO way. They'll tell your agents give up some commission.
Just be straight with the buyers. If your short 3K then show them. go look...we aren't being hard a$$e$ but this is the reason. They'll probably go for it especially if the agents kick in.
But no matter what anyone says on this forum, don't even bother trying to do a short sale over $2-3KAnswer: I am no gonna say I am one hundred sure about it.Besides it ...
I am no gonna say I am one hundred sure about it.Besides it really depends on the personal feelings.SO it would better for you to find yourself.Here is a good resource.http://mortgage.onlineidea.info/mortgage-quote.htmlAnswer: You have a good chance that your mortgage will accept the ...
You have a good chance that your mortgage will accept the short sale, if you can show that you can not afford to make the payments or the $3,000 short. You will, however, probably lose this buyer while waiting for the bank's approval.
I would suggest trying to divide this shortage between buyer, seller, seller's broker and buyers broker. If you divide $4,000 four ways, you get $800 each.
Will you pay $800 one time to get rid of this problem? I bet your broker would.
If you lose this buyer, how many more payments, taxes, insurances, and utililities will you have to make??? Maybe much more than the $3-$4K you mentioned here. DON'T lose this buyer.Question: Who is this guy Kaya Redford sounding off about making millions from foreclosures and and short sales in CA&FL
And what are we paying 4500 dollars?Answer: You are paying $4500 for a couple books and tapes that are ...
You are paying $4500 for a couple books and tapes that are essentially worthless. Whatever he can show you you can learn on your own. He did, didn't he?Question: what is a short sale on a house?
Answer: Let's say you own a home and it's worth 100K, you ...
Let's say you own a home and it's worth 100K, you want to sell it but you owe 125K on it.
You find a buyer, the buyer wants your home buy is only willing to pay 100K.
The buyer writes an offer and the offer is sent along with your "request for short sale" form the potential buyers proof of qualification or "pre qual" letter to the lender who holds your note.
The lender considers the information sent and then decides if they are willing to accept the 100K buyers offer or not.
If they do then you've just been approved for a short sale!
You still however may be held liable for taxes and some other costs associated with the transaction and a record of the short sale is sometimes noted on your credit report. |
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