Real Estate Short Sale
by Joan Rose Castillo
If you missed your payments for your mortgage loan, foreclosure will soon follow. There are many options to save you from foreclosure one of these options is the real estate short sale. A Real estate short sale is when the lender agrees to discount the mortgage loan balance of the borrower. In other words real estate short sale is where the lender agrees to be paid off less than the total amount due of the mortgage loan balance from the borrower. There are requirements that you should comply before you could avail of the real estate short sale and if you qualify, you could go ahead with the steps for a real estate short sale.
If you missed your payments for your mortgage loan, foreclosure will soon follow. There are many options to save you from foreclosure one of these options is the real estate short sale. A Real estate short sale is when the lender agrees to discount the mortgage loan balance of the borrower. In other words real estate short sale is where the lender agrees to be paid off less than the total amount due of the mortgage loan balance from the borrower. There are requirements that you should comply before you could avail of the real estate short sale and if you qualify, you could go ahead with the steps for a real estate short sale.
These are the four requirements to qualify for a real estate short sale:
* The market value of the real estate should be less than the amount of the unpaid mortgage loan balance.
* Another qualification for a real estate short sale is if the borrower will not be able to make the scheduled payment of the mortgage loan because this will put him in a near default status.
* The third qualification for a real estate short sale is the reason of the seller why he or she will sell his or her property and why the seller could not pay the remaining balance of the amount of the mortgage loan. With this, the seller is required to give a hardship letter to the lender; the hardship letter must contain the reason why the seller will opt for a real estate short sale. The reason should describe or show that the seller has fallen on hard times sue to reasons such as there is a sickness in that family that tantamount to huge amount of hospital bills, the seller lost his or her job, there was a death in the family or other reasons.
* The fourth requirement for a real estate short sale is that the seller should not have any assets, because in the eye if the lender if the seller have any assets then he or she has the ability to pay off the mortgage loan balance. To determine whether the seller has any assets, the lender will asks the seller to present a financial statement or a tax return.
Here are some steps for a real estate short sale after the compliance of the real estate short sale requirements:
* The seller needs to sign a listing agreement that says that he or she are selling a real estate property as a short sale with a real estate agent and it should also have an approval of a third-party.
* Then the real estate agent will find a buyer who will make an offer. The offer of the buyer should be less than the amount of the mortgage.
* The next step for a real estate short sale is that the seller will accept the buyer's offer.
* After that, the lender will accept the buyer's offer for the real estate short sale.
* When the buyer pays for the real estate the transaction for a real estate short sale closes. These are the four requirements to qualify for a real estate short sale:
* The market value of the real estate should be less than the amount of the unpaid mortgage loan balance.
* Another qualification for a real estate short sale is if the borrower will not be able to make the scheduled payment of the mortgage loan because this will put him in a near default status.
* The third qualification for a real estate short sale is the reason of the seller why he or she will sell his or her property and why the seller could not pay the remaining balance of the amount of the mortgage loan. With this, the seller is required to give a hardship letter to the lender; the hardship letter must contain the reason why the seller will opt for a real estate short sale. The reason should describe or show that the seller has fallen on hard times sue to reasons such as there is a sickness in that family that tantamount to huge amount of hospital bills, the seller lost his or her job, there was a death in the family or other reasons.
* The fourth requirement for a real estate short sale is that the seller should not have any assets, because in the eye if the lender if the seller have any assets then he or she has the ability to pay off the mortgage loan balance. To determine whether the seller has any assets, the lender will asks the seller to present a financial statement or a tax return.
Here are some steps for a real estate short sale after the compliance of the real estate short sale requirements:
* The seller needs to sign a listing agreement that says that he or she are selling a real estate property as a short sale with a real estate agent and it should also have an approval of a third-party.
* Then the real estate agent will find a buyer who will make an offer. The offer of the buyer should be less than the amount of the mortgage.
* The next step for a real estate short sale is that the seller will accept the buyer's offer.
* After that, the lender will accept the buyer's offer for the real estate short sale.
* When the buyer pays for the real estate the transaction for a real estate short sale closes.
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