What exactly is a short sale?
By definition: A short sale is when you owe more on your mortgage than your home is worth in today’s real estate market and you negotiate with your lien holder to accept less than owed from a willing and able buyer.
With the influx of short sale files, the banks are incredibly overwhelmed these days. Needless to say, the process can be lengthy. Here is how it works:
First, do some research and find a Realtor that you can trust with such an important task of negotiating with your bank. Choose someone that has experience working with short sales and is able to answer all of your questions. Once you have a good, experienced Realtor, they will list the home at market value.
Once you have a contract in place, the real fun begins. You will need to submit all of your financial information to the bank (pay stubs, bank statements, tax returns, hardship letter, etc). Depending on the bank, there are a series of levels that your file will have to go through at their office. Each one requires that you submit, re-submit and submit again, the same financial forms (you can get a sense the “lengthy” process). If you have chosen a good Realtor, then they should be staying on top of the bank.
Once the bank has reached an approval, you are getting close! At this point, the inspection period can begin and you typically have 30 days to close.
Does all of this make sense? Yes, this is the VERY condensed version and there are, of course, many different factors that come into play to make each transaction unique. Moral of the story: If you have a good Realtor and lots of patience, you just might be able to have a successful short sale!
Contact me at AzHomeAtLast@yahoo.com or 480.518.0285 for more questions about all of your real estate needs!
Jami Asanovich
Ashby Realty Group, LLC
azhomeatlast@yahoo.com
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