Pittsburgh Real Estate
Short Sale Answers For Homeowners
Common short sale FAQs from homeowner and a tip on how to get an immediate offer on any short sale property
What is a short sale?
A short sale is when your Lien Holder agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage debt owed.
How much will it cost to do a short sale?
If you have a legitimate financial hardship it shouldn’t cost you anything including closing costs and Realtor commissions.
Why do lenders or banks accept discounts?
A Lender or bank takes a discount or agrees a short sale because it saves them money. It clears bad debt off the books. This allows them to reinvest that money by giving out another loan to a customer. On average a Lender loses between $30,000 to $80,000 on each property that they take back as a bank owned property.
In many cases a short sale is the best way to eliminate your mortgage debt. With a short sale, you can reduce or even completely eliminate the money you owe to your mortgage company, so that you are no longer liable for the entire amount.
Who qualifies for a short sale?
Most everyone who has a true financial hardship qualifies for a short sale. However, each Lender and Loan Type come with a different set of specific guidelines. The general requirements for a seller to qualify for a short sale are:
- Legitimate financial hardship
- Behind on mortgage payments or facing imminent default
- No equity – Owe more than property is worth
- No liquid assets such as investment accounts, mutual funds, etc.
How long does it take to do a short sale?
The time to close a short sale varies with every property.One thing that can speed up the short sale process is an immediate offer on your property.Many homeowners work with real estate investors. Companies such as Oregon based StopForeclosurePortlandVancouver.com can shorten the closing time on a Portland or Vancouver Short Sale.
How can I get an immediate offer on my short sale?
Typical buyers avoid short sales which often leads to a long listing period and more credit damage for the seller. It often makes sense to work with an investor offer on your short sale.
You can search for a real estate investor who may want to make an immediate offer.In this case you may not have to list the property for months. This may damage your credit score even more.
Using a search engine such as Yahoo or Google can help. Search terms like “short sale help” and “short sale” with your city and/or state.
Or use your city like ”Boston Short Sale” and you’ll find a Pittsburgh based investor such as AllCountyShortSaleBuyers.com. Or try something like “Las Vegas Short Sale Help” for an experienced short sale buyer such as Nevada Real Estate investor at Mylvshortsales.com.
Working with an investor is one way to get an imediate offer on your short sale. In areas with high foreclosure rates, an investor offer is often the best path to take for a homeowner.
Pittsburgh Real Estate – Peters Township – 211 Skyview Drive
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