Short sales and foreclosures are two financial options available to homeowners who are behind on their mortgage payments, have a home that is underwater or both. The term short sale refers to the.
In most short sale counteroffers from the lender, the bank calls for a higher sale price. It is important for the seller and buyer to respond to the lender within their time frame, or the bank could close the file. Once the seller is satisfied with the terms of the short sale approval letter, the short sale advances to the Closing Phase.
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2019 – A (Florida) short sale is a transaction in which the proceeds of a home sale fall short of. We recommend that you check out some alternatives to foreclosure and the ramifications of a short sale vs. foreclosure before. Get A Fresh Start.
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2 years of short sale attempts, probably another 2 years of loan modification attempts, Its a relief to get the condo out of my name and this whole financial poor.
In my own short sale, we priced the house pretty low and got an offer very quickly. You need a buyer that is willing to stick around for a super long closing or changes to the agreement. In my case, it took almost 4 months from when we got the offer to when the closing took place.
Since the debt is discharged in the bankruptcy, then there is no incentive for the debtor to work a short sale, as the debtor can walk away without financial repercussions as to the note at any point. It is important to distinguish that the lender only loses its rights as a creditor on the mortgage note when the debtor does not reaffirm.
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In the past, short sales were difficult-if not impossible-to complete. Following the mortgage crisis, servicers and lenders revamped their short sale guidelines and, as a result, it is now easier than ever to complete a short sale. But certain problems do still tend to crop up in short sales. Common Problems and Obstacles With Short Sales
A short sale seller contacted me last week to tell me that Citi has offered him $35,000 to sell his home. He sent me a copy of the letter he received in the mail, and it is true. Citi is offering him $35,000 (terms and conditions apply) to sell his home valued at $335,000 in a short sale.