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Short Sale Agreement

An experienced real estate agent can make a big difference in the search and closing of short-sale real estate. Short agents may have a short sales and Foreclosure Resource (SFR) certification, a designation offered by the National Association of Realtors (NAR). Step 2: The owner works with a real estate agent to list the property. You execute a sales contract for the purchase of the property as soon as a buyer is interested. However, this contract is subject to the lender`s agreement and is not final until then – even if the seller and buyer agree on the terms. An owner who has undergone a short sale may have the right to immediately purchase another home with certain restrictions. Depending on the circumstances, homeowners who experience a foreclosure can expect a two to seven-year waiting period to purchase another home. Forced execution is recorded on a person`s credit report for seven years. Since the lender must approve the short sale contract, it may take weeks or months before you know if your offer has been accepted.

There is no way to know exactly how long the process will take, because it is entirely because of the lender and his willingness to sell the house at that price. A short sale is the sale of a property for which the lender is willing to accept less than the amount still owed on the mortgage. Buyers can wait a long time to get a short selling response from a bank. It is important that the listing agent regularly calls the bank and keeps careful notes on progress. Most lenders would prefer a short sale to a enforcement procedure, as it allows them to repay as much as possible the original loan, without any costly legal proceedings. In most cases, homeowners and lenders will only seek foregoing after attempting to sell the home through a short selling process. While a forced execution essentially allows you to get away from home – albeit with serious consequences for your financial future, like. B bankruptcy and destruction of your credit – the conclusion of a short sale requires a lot of labor. However, the salary for the extra work associated with a short sale may be worth it.

A seller`s sales package is most likely off: No matter what you`ve heard, in the end it`s this: buying a short selling house is a complicated process. In fact, very few short sales are completed in 30 days. Whether it is worth doing all the extra effort depends on your specific situation. Collect all the documents you need to prove your financial situation to the lender. These include account statements, medical bills, payslips, termination of your former job or divorce decree. It is up to you to submit the short sale proposal. Note that the lender must finally authorize a short sale after receiving all the details, since the lender is the beneficiary of the product. Your job is to find a buyer for your home.

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