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 Sellers Resources |
What is a Short Sale and how do I buy or sell one?
Q: What is a short sale?
A: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. The Seller is "underwater" and has a valid hardship. A hardship (medical bills, divorce, death of the main earner) needs to be proven. The short sale department will be reviewing the Seller's recent bank statements. Sometimes the mere fact that the Seller is underwater by thousands can be a hardship in itself.
Q: How do I buy a Short Sale?
A: Buying a short sale is different from buying a regular resale or even a foreclosure. With a short sale, there will be an extra addendum specifying when the contingencies start and how long after third party approval will settlement occur. typically, the EMD (earnest money deposit) will not be transfered to your Broker's escrow account until Seller shows proof of the third party approval. Depending on how many banks are involved, you can wait 2-6 months for a third party approval. Remember, the Seller is asking the bank to forgive a lot of debt; this is not a task to be taken lightly. The Seller will most likely sign a promissory note at the Settlement table. This will be a fraction of what is owed.
Q: How do I sell a Short Sale?
A: I am going to need several items from you: hardship letter, recent tax returns, updated bank statements, listing agreement and authorization to speak to your bank on your behalf. Then let me do the rest! I will be working with a short sale negotiator. The turn around time is 2-6 months depending on which bank(s) I am dealing with. For example, Green Tree is notoriously difficult to deal with, while Bank of America has improved with their equator.com system.
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