Short Sell Delinquent Properties & Avoid Foreclosure/Bankruptcy
SHORT SELL PROPERTY – AVOID BANKRUPTCY/ FORECLOSURES
We will be looking at •What is Short Sales •Benefits of Short Sale •Procedure for Short Sale
WHAT IS SHORT SALE
Short Sales is a process where the lender discounts the current mortgage allowing new buyer to buy the property at a discounted rated directly from the lender and freeing the seller from any outstanding mortgage.
BENEFITS OF SHORT SALES
•Eliminates all mortgage liabilities •Less paperwork •Reduces credit points •Requires short time to complete •Allows buying new property immediately •Less monetary obligations compared to foreclosures •Can avail short sale while current on mortgage payments
PROCEDURE FOR SHORT SALE
•Evaluate market value of property through market analysis •Get legal & real estate advise from renowned broker •Arrange for relevant documents •Find a lender & buyer •Follow & Complete lender procedures •Strike an agreement with buyer
GENERAL DOCUMENTS REQUIRED
•2 years tax return •Recent/Last Payroll Slip •Hardship Letter •Current Mortgage Papers •Financial Statement •Market Analysis Statement •2 months bank statements •HUD-1 preliminary net sheet etc..
Hardship Letter Hardship Letter
Most important aspect of Short Sale, where seller makes a case of his/her hardship. An authentic & well-built letter that specifies reasons for not being able to pay mortgage payments and convinces lenders why it is better to short sell the property on discounted rate than foreclosing.
•Short Sale is Better than Foreclosure & Filing Bankruptcy •Easy and Less Time Consuming Procedure •For Prefect Deal Speak to more than 1 Buyer/Lender •Provide Genuine Information •Research on Procedure, Financial Obligations Prior to Applying