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SHORT SALES
As sellers and lenders try to reduce the number of foreclosures, sellers are led to believe that getting a contract to purchase their home, will give their the seller's lender motivation to agree to a Short Sale to prevent the property from going into foreclosure.
If only this were true. The fact is that most lenders do not approve short sales, even if it is in their best interests.
Short Sales appear on your credit report as "pre-foreclosure in redemption",
 Less impact on your credit score  All mortgage debt is fully discharged BUT
Foreclosures appear as "debt discharged due to foreclosure".
The problems for most buyers in trying to be the successful purchaser for a shortsale is time.
The shortsale process takes several months. It should begin by the seller notifying the lender that a short sale is commencing. Documentation from the seller should be sent to the lender.
A complete list of this documentation is available. Please email me for that information.
After the documentation is received by the lender, to included a listing agreement, BPO or CMA, a contract, hopefully, is short in coming.
Getting a lender to approve a short sale is primarily economics. You have to provide hard numbers, usually a HUD1 helps, to show that the amount of money a bank will realize on the short sale is better than the amount it may recoup from foreclosing on the property and selling the property as a foreclosure or REO.
If you are interested in Short Sales or Foreclosures, click on signup in the upper left hand box and give me your name, address and email addess and I will provide further information.
Together we can be successful in purchasing Short Sales and Foreclosures. It only requires
patience, persistence, and problem solving.
So, if you are interested in uncovering the opportunities of buying a Short Sale or Foreclosure click here to beginning receiving these property descriptions.
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