Sentences with phrase «to do a short sale»
A short sale is a real estate transaction in which the bank agrees to accept less than the total amount owed on a mortgage as payment in full satisfaction of the debt, allowing the homeowner to sell their property without having to pay off the entire loan. Full definition
The bank wants to do a short sale in order to avoid the costs of a foreclosure.
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We're going to take a slightly different approach today, and we're going to be discussing the benefits of doing a short sale from the lender's perspective.
There were posts I can dig up about how doing short sales would be too much liability to brokers so they would not allow their agents to participate in short sales.
Would you like to find out what chance you have of being successful doing a short sale with your lender?
One of the things in particular that I feel is extremely important to educate a seller doing a short sale is the tax consequences.
If the sellers Realtor has never done a short sale before you might as well have your buyer move on to another home!
If your agent is not explaining how you will or may be impacted by doing a short sale than they are not experienced enough to negotiate your short sale for you.
Some people I know have been doing a short sale for more than a year.
There are so many agents doing short sale now that don't have any clue what so ever and are flying by the seat of their pants.
I see that you mention that one can purchase right away after doing a short sale?
The vast majority of persons doing a short sale are also buyers.
This assumption of a waiting period is not true and serves as harmful information to the homeowner doing a short sale.
I've been doing short sales since 2007 and have been fair to all agents who submitted offers to my listings because I know I'd get paid.
You need your lender's approval to do a short sale because they'll be accepting less than they're owed at closing.
What impact does a short sale or foreclosure have on my credit score?
Most Realtors doing short sales know how to cover the bases for their client to make sure they're in a good position to buy a home down the road.
To those of you who are asking how doing a short sale affects your credit, I have asked that many times with no answer from the mortgage company.
This is obviously a key consideration when determining whether doing a short sale is the right move or not.
Is there a possibility you could still do a short sale without an actual hardship?
If you have experience doing a short sale, I'd like to get you some more business.
So if a lender does a short sale, on average, that will take anywhere between five to six months.
I have been personally trying to do short sales as a real estate investor and it has been hit and miss.
Would this cause homeowners to just give up and not even try to do a short sale first if they can not pay their mortgage payments?
She could try to do a short sale instead, if she wishes.
If I was going to try to get rid of my home I would look into doing a short sale and I would work to get the best sale price I could.
I connected up with a real estate agent that only did short sales, and did a lot of research online as to what the process would entail.
However, there is almost 3 times the opportunity for real estate investors and a good time to start doing short sales.
Once these things are done the short sale attorney will assist in sending a complete «short sale package» to the lender.
Don't get me wrong, I love the house and the price we're getting it for but I don't think I want to do a short sale again any time soon.
This course has everything you need from A to Z to do the short sale business.
In fact, most banks I've worked with prefer to do a short sale over a loan modification.
I would highly recommend you to anyone looking to do a short sale transaction.
When you need to do a short sale on your home it is not like selling your home in a traditional fashion.
Do a short sale with them in 30 days!
One of the things in particular that I feel is extremely important to educate a seller doing a short sale is the tax consequences.
This act was put in place for the specific purpose of helping home owners avoid the financial hardship caused by doing a short sale.
We don't want to walk away from our home, so we listed with an agent who is doing a short sale for us.
You may find that doing a short sale now may be the right thing to do.
I see that you mention that one can purchase right away after doing a short sale?
The most common reason that a homeowner does a short sale is because they are facing foreclosure.
What is my best bet at convincing them to do a short sale since I don't have financial hardship?
People need to understand everything about doing a short sale.
My credit is not important to me, so I am thinking about just walking away from my house as opposed to taking the trouble of doing a short sale.