Real Estate Blog

Short Sale Myths

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered.  On average the banks net 17-25% more on a short

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For homeowners who are delinquent on their mortgages (primary residence only) or who are in danger of defaulting, the Short Sale has become a popular alternative to foreclosure.  With these new guidelines, the process will now be faster and less confusing for everyone. Here’s the basics:  ·         Short sale requests must be either approved or disapproved within 10 days.  There’s also going to be less paperwork involved when making the request.·         Pre-approved short sale terms are given by the lender before the property is listed, including the minimum net proceeds required by the mortgage lender.·         Loan servicers will no longer be allowed to force a reduction in the commission earned by real estate. Commission amounts agreed to in the…
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