|
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
|
Short Sale FAQ's Q: What are your benefits in a short sale? A: 1. Preserve your credit rating. 2. Typically, the bank absorbs most or all of the selling costs. 3. Emotional and financial burden is lifted. 4. Reduces or elminates negative cash-flow situtations. 5. Avoid foreclosure proceedings and associated expenses. 6. Release mortgage obligations. 7. Avoid possible bankruptcy. Q: Why do banks participate in short sales? A: 1. To avoid bank-owned properties. 2. Avoid monthly carrying costs (winterizing/lawn/utilities). 3. Avoid potential repair costs (vandalism). 4. Losses are typically less with short sales than banks would absorb if the property went through foreclosure. Q: What are the benefits for a buyer of my property? A: 1. Possible acquistion of property below market value. 2. Open negotiation with lender to make and pay for repairs. 3. Avoid purchasing the home in an "as is" foreclosure state. Q: How difficult is it to get a short sale approved? A: As long as there is a true hardship, the chance of a short sale approval from your lender is very good. Q: Why does it take so long to go through the short sale? A: Depending on whether there are 1 or 2 banks involved (it will take longer with 2), but getting the first bank to approve takes time. A great deal depends on how many other short sales your bank is currently working on. Q: How can I be sure that my foreclosure gets stopped? A: That will depend on how quickly we can put your home into escrow. We will guide you through the correct way to list your home so that it will sell quickly. Once the papperwork is uploaded into the bank's system, they put a freeze on the foreclosure process. We will also follow up constantly to be sure that this takes place. |
|
