A short sale occurs when your home is sold for less than what you actually owe on the home. If the negotiated short sale price is close to the current market value of the home, the lending company may allow a short sale to occur. Instead of falling victim to foreclosure and surrendering your home, a short sale allows you to make a deal with your lender so you can avoid the foreclosure process. Through the short sale negotiating process you’re able to sell your home without paying the bank the difference that is owed. You will not have to forfeit your property and you do not need to worry about your credit score taking a big hit!
It is important to know that a short sale process can take some time and it may be a bit confusing. However, with our team of short sale specialists we’re confident that we’ll make the process a
seamless and pain free as possible!
The Process........
A purchase agreement will be completed that details the short sale that the lender will need to approve. The home owner will need to write a letter outlining their financial hardship. They’ll need to include bank statements, medical bills, pay receipts or termination letters. Basically, you’ll need to demonstrate that you're in a financial crisis. After the purchase agreement has been written and letters have been sent to the lending company they will arrange for your home to be appraised. This appraisal will be done by the use of a BPO (Broker Price Opinion). This will provide the the lender with the current market value of the home so they're prepared to make a decision on your short sale. This process may take several weeks.
Once the BPO has been forwarded, the lending company and the real estate agent will negotiate the terms to see if a short sale is possible. During this time the home owner and potential buyer have to remain patient and wait for the lender’s decision. This can also take several weeks. If the short sale is approved, the transaction will go through like any other real estate transaction.
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Call our Short Sale Team Today!
The Carlson Team
612.245.9898
