The process can be a lengthy one so bring your patience to the table. I want to help my neighbors get back on their feet. I think its criminal what some of the banks get away with. I know what it takes to make the banks pay attention. The number one thing one needs is patience! You also need to maintain your property and get your paperwork to your realtor as soon as possible. Here are some of the things you will need to submit.
Signed and dated. The law was passed to save struggling homeowners from getting whacked twice, first by the sagging housing market and second by the Internal Revenue Service. It has been extended through Every transaction is different. I can not emphasize enough that you will need patient, patience, patience.
If the offer is accepted a closing can generally happen in less than 30 days, and sometimes in just a few days. The same source reports that a total of foreclosure properties have been sold in the past 12 months creating some very happy buyers and some rather depressed bankers.
In a short sale, the mortgagor still owns the property but cannot sell for the amount that they owe the bank s. IF the bank agrees to take less than they are owed a buyer can purchase the property at a very attractive price. As we will soon see, the IF in this statement is capitalized for good reason. While there are 79 short sales currently shown as being available in our Smoky Mountain area there have been only 9 short sales closed since our board added a code for these properties several months ago.
While many homes are advertised boldly by Realtors proclaiming their short sale status the reality is that very few of these transactions actually close. This often goes on for weeks or even months while a decision is made or not made as is sometimes the case.
During this period any new offer will still be accepted and if it is better than the offer already received the new offer will now be the one being considered and the earlier offer is out.
The agent should check out the track record of the listing agent. Find out from the listing agent if the seller has some place to go, whether all the financials are collected, and exactly how long the negotiation might take.
True, not every short sale is a short sale. But the qualified short sales are and an agent should learn the difference. If an agent tells a buyer to disregard a short sale that is perfect for that buyer and all but guaranteed to close, whose interest is that agent best serving? They want a day closing so they can get paid in 30 days, and I say shame on those agents. Email Address. Millennials in Sacramento and the Minimum Wage ».
Published August 5, By Elizabeth Weintraub. Share this: More. Share this: Twitter Facebook. Posted in best sacramento short sale agent , sacramento short sale agent , Short Sale , Short Sale Realtor Tagged best sacramento short sale realtor , buying a sacramento short sale , how to know your short sale will close , loan modifications , qualifying the short sale listing agent , sacramento short sales , short sales , top sacramento short sale agent , walking away from home.
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