Do I have to find a buyer if I go for SHORT-SELL of my house?
An Anonymous User asked:
I want to SHOERT-SELL my house. Do I have to find the buyer? What would happened if I could not find a buyer? Does the Bank go for foreclosure?
I want to SHOERT-SELL my house. Do I have to find the buyer? What would happened if I could not find a buyer? Does the Bank go for foreclosure?
Day Trading Stocks | Stocks & Bonds | Swing Trading Penny Stocks | Penny Stocks | Stock Options | Penny Stock Tips | Penny Stock Alerts | Stock Market Newsletter
The bank will foreclose if you fail to pay your mortgage. As long as you pay, you won’t lose your home. For a short sell, you must get permission from you lender first that they would be willing to take a short sale on your house. Then you put it up for sale, as normal and hope a buyer comes along.
Before you can locate a buyer — you must first deal with the lender on your home. There is a list of items that you will have to produce for the lender so that they will consider doing a short sale. Several of the things that you will need is:
1. A letter explaining why you do not have the ability to sell and repay the loan amount.
2. Recent check stubs from your employer.
3. Bank statements.
The above are just a few of the things that will have to go to the loss mitigation dept of the lender that has the loan on you home along with any supporting data from a reliable real estate agent showing that homes are declining in price in your neighborhood. Then its a wait and see game. Also, if you have a second or third loan on your home you will need to get the permission of these lenders to go for a short sale. Many lenders that are in second and third position have nothing to loose so they many times will just say we will foreclosure on the property.
Getting a short sale approved can take up to three months, so if you want to do this get started now, finding a buyer is going to be challenging, if you do not use a real estate agents.
hope you can afford your payments for another 6 months at least. I was shopping for homes a few months ago and was so sick of the short sales. A house that i did want, the lender took forever to get back to me and when they finally did, i had already bought another house. Short selling your house in this market is rough as even if buyers are with a realtor, they dont want to deal with short sales unless there are getting a really deep discount and way below market value of the house, which lenders dont want to do.
But if its your last option…
Of course you need to not only find a buyer but you must also get the lender to agree to the price that you and the buyer agreed upon
If you can’t find a buyer then the lender will foreclose when the time comes.
You will have to call & see if you are eligible for short sale. That is your first step.
From there, if you don’t get a lot of calls or offers, list your home for sale with an agent. Sometimes if the bank agrees to short sale, they will want to see some aggresive marketing efforts.