The “Longer Version” of “Short Sales” part 2…
“Short Sales” can be difficult to complete and are quite confusing for buyers and sellers…Here are 10 important points for you to understand:
1.] All people on the title must sign the sellers package.
2.] A hardship must be demonstrated for the lender to accept a “Short Sale” package.
3.] Once you get your notice of default, you have a limited amount of time before it goes to a trustee sale. In Nevada it is 3 months and 20 day after the notice of default was filed,then the trustee commences usually within 30 days after that period.
4.] A “Short Sale” is simply another workout option similarly to a loan modification or a forbearance.
5.] If you are in bankruptcy, it will delay selling your home and you will need the courts approval.
6.] You typically must be behind on your payments to qualify for a “Short Sale”, as this demonstrates hardship.
7.] It is a good idea to seek the counsel of a qualified real estate attorney and/or a CPA to understand any legal or tax ramifications.
8.] Make sure your real estate agent is aware of any liens of any kind against the property. The more liens against the property, the more difficult it will be to sell the property.
9.] Make sure you keep your HOA dues paid as they are in first position even over your mortgage.
10.] Keep your property looking good. This will help sell your home faster.
Understanding the ins and outs of “Short Sales” makes your decision easier and more Empowering. It is also important to be careful and choose the best real estate agent to represent you. We will discuss this in our next post…Be Empowered.