What are the fundamentals of a short sale?
So, you have a homeowner and they want to list with you. You find out they owe more than the property is worth. At this point, you have to determine if they have a hardship, and if there is a hardship, DO they have the ability to repay the loan? If they have the ability to repay the loan then it’s not a short sale, because they will just make a payment at closing. In order for you to qualify for a short sale you cannot have the ability to repay the loan, and MUST have some sort of hardship that either prevents you from paying the mortgage or puts you in a position of imminent default.
As an agent, the next step is to list it and procure a buyer. Buyers should be prepared to offer market value or close to it. After contracts are signed, and a settlement statement is generated, you’ll need to send that in along with all pertinent short sale documents to the seller’s lender. Once the lender reviews it, they send out a BPO/ or valuation agent to the property, and if the buyer’s offer is in line with what the valuation agent’s value the property, the lender is most likely going to approve your short sale then your good to go!
For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/
For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/
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