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1. What is a short sale?
A short sale is a transaction where the lender(s) agree with the Seller/Owner of the property to accept less than is owed on the property in order to complete a sale transaction and close an escrow.
2. Why should I short sale my home instead of going through foreclosure?
Most people chose to do a short sale in order to avoid a foreclosure on their credit. There are credit ramifications as a result of the short sale, however, in today's lending world, short sale credit issues are less damaging and more quickly accepted in terms of rebuilding one's credit in the future.
3. How do I qualify for a short sale?
The first thing to do is to call your lender(s) and ask for a short sale package, or what they will require to begin the process. Next you need to hire a specialist with a team such as myself, who can assist you with your lender packet, if you have one, and provide you with all of the tools necessary to complete a successful short sale. Once you've employed my team and I, we handle all of those type of details for you.
4. Can I short sale my home if my payments are current?
Maybe. All lenders have different guidelines for their approval of a short sale and every case is different. You may want to call your lender and ask that specific question of them. Once you've employed my team and I, we handle all of those type of details for you.
5. Can I short sale my house if I've been in bankruptcy, or if I'm already in foreclosure?
Yes. There are too many variables and this can be a very complicated question. But the answer is yes, provided your lender does not have a time restriction prior to the foreclosure sale date, or a previous action taken by you with the lender precludes you from qualifying for a short sale.
6. How do loan modifications effect the short sale?
Many people attempt to do loan modifications, some with success, some without success. The terms of the successful loan modification may pre-determine the possibility of an eventual short sale, and in my experience, many people who are unsuccessful with their loan modifications are directed by their lender(s) to do a short sale. Each case is different.
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