What is a Short sale?

2009-12-07T11:11:00.000-08:00

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.

We Can Help!

Call our Short Sale Team Today!
Value Real Estate Services, LLC

The Carlson Team
612.245.9898

Twin Cities Short Sales We Can Help!

2009-12-07T10:56:00.000-08:00

Welcome to the Short Sales Blog of the Twin cities! This blog provides important information about selling a home as a Short Sale and how to prevent the foreclosure notice. This blog is affiliated with the planetblogging.com network!