Banks often are willing to
accept short sale offers because it eliminates much of the the ongoing costs associated with the process of foreclosure.
In order for the bank to
accept a short sale deal, the lender must see some potential gain in granting a short sale; so technically, not everyone can qualify.
For example, did the bank agree to
accept the short sale as full satisfaction of the debt and waive or give up its right to seek a deficiency judgment, putting that into the agreement?
You could (theoretically) do a short sale even if you have never missed a payment, although I suspect banks would be hesitant to
accept a short sale unless you had missed several payments and they hought they would have to foreclose.
g. Your credit report reflects that the
bank accepted the short sale payoff through an acceptable negotiation and you can qualify for a new home loan in as little as 15 months.
IB does not
accept short sale orders for US stocks that are not eligible for DTC continuous net settlement (CNS) and all short sale orders are subject to approval by IB.
At the conclusion of such evaluation, the transferee servicer must permit the borrower to
accept the short sale option offered by the transferor servicer, even if the transferee servicer does not offer the short sale option, in addition to any loss mitigation options the transferee servicer determines to offer the borrower based upon its own evaluation.
However, to avoid unnecessary costs, buyers should wait on having a home inspection and an appraisal for the loan until after the bank has
accepted the short sale proposition, say Cole - Murphy.
In addition to lingering high unemployment, he noted that homeowners owing much more on their mortgage loans than their homes are worth continue to compromise housing recovery; those with upside down mortgage loans can not qualify for traditional refinancing or sell their homes without mortgage lenders agreeing to
accept short sales.
If a lender is convinced the only way to avoid a foreclosure is to
accept a short sale, it's an option that can help borrowers avoid foreclosure altogether.
It is safe to say that most lenders will
accept a short sale, however, you may come across one or two lenders who will not discount.
It's similar to why a bank will
accept a short sale to avoid foreclosure when someone's mortgage debt is no longer manageable.
While it may be true that the lender is willing to
accept a short sale, that is the case with any property.
This one of the biggest mistakes rookies make and will almost always result in the lender not
accepting short sales.
The downward spiral of real estate values which is forcing people to
accept short sales or forced into foreclosure is commonplace.
Bill — These are very good reasons not to
accept a short sale offer and something I think many buyers and agents don't understand.
my husband and i put an offer in on a countrywide short sale in December 07 we just found out that it was forclosed on and they did not
accept the short sale.
The net amount they lose could be less that way than if
they accept the short sale.
Don't you think before Countrywide could
accept your short sale that it needs approval from the investor first.
Finally after my realtor convinced them to do a secondo appraisal they made the buyer come up 3K and
accepted the short sale offer.
If the underlying investor has not approved the short sale than who has
accepted the short sale?
Bank of America / Your Seller / Countrywide / Your Agent means nothing if
they accepted the short sale.
We dropped the price of the home since our bank would
accept a short sale to the cost of the loan.
One thing you need to understand is the lender is not going to
accept a short sale if the accepted sale price by the home owner is way under market value.
Tip: Be sure you contact the bank's loss mitigation department, which will be the group to decide whether to
accept a short sale, rather than the collection or customer service department, which is only interested in recouping past due loan payments.
Bill — These are very good reasons not to
accept a short sale offer and something I think many buyers and agents don't understand.
If you are considering listing your property as a short sale you will need to contact your lender and speak with them first to ensure that they will
accept a short sale.
On this webcast, Kimberlee talked about how to influence the BPO or appraisal and how to use repair estimates to convince the bank to
accept your short sale offer.
If it looks like the other option is foreclosure, your lender probably will
accept a short sale.
In the past, it was rare for a bank or lender to
accept a short sale.