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What Makes a Successful Short Sale?
It's really simple when you think about it.Everybody involved in the transfer of property has to believe they are a winner.The following facts are true regardless of circumstance in the closing of any short sale transaction:
·The seller leaves a bad situation with hopefully less credit damage and a fresh start. ·The buyer realizes a property purchase at below market value. ·The lender nets more money than through a foreclosure action. If we're the buyer, then our interests are best served by a purchase at the lowest possible price approved by the lender. The seller gets no cash, so the buyer is just showing the lender a way out of a possible foreclosure action.
Here's what you're looking for as the buyer in a short sale transaction:
·A homeowner upside down in their mortgage loan.In other words the home is worth less than the seller owes on their mortgage. ·Clear title and no prohibitive liens or claims against the property. ·Time to complete the short sale process before foreclosure begins. ·A seller willing to help in order to avoid foreclosure. ·A property valuation allowing you to meet your financial goal. ·True hardship by the seller which is verifiable and qualifying.
In short, you are looking for a homeowner owing more on their home than they would receive in a standard sale and a situation where the lender will approve a purchase price meeting your investment goals.
If we’re the seller, our interests are best served by a buyer who is pre-approved for a mortgage.Without a pre-approval or proof of cash the buyer wastes everyone’s time.The seller must also hope the buyer has staying power.The entire process could take months to complete and the buyer usually has no obligation to complete the purchase if the lender refuses to meet the buyer’s offer. Here's what you're looking for as the seller in a short sale transaction:
·A pre-approved letter from the buyer’s lender or proof of cash. ·A buyer with staying power. ·You the seller must have a legitimate hardship, i.e. job loss, divorce. ·Two current pay stubs and 2 months of bank statements. ·A seller’s financial statement showing current income and expenses. ·Two years of tax returns from the seller. ·A hardship letter from the seller prepared for the lender. ·The seller’s authorization for an agent to receive and convey information from and to the short sale lender.
The forms for a short sale transaction are generally the same forms used for any real estate transaction in California.Your real estate agent is encouraged to incorporate a Short Sale Addendum into the purchase agreement.Special contracts may apply to investors purchasing property they do not plan to occupy.For more information contact a local realtor.
