Bank Short Sale
A bank short sale refers to real estate that is either in foreclosure or has been returned to the bank. With the massive influx of foreclosure real estate, many mortgage lenders are beginning to engage in short sales to avoid the expense of the foreclosure process.
Bank short sale properties can consist of single family homes, condominiums, mobile homes, manufactured homes, commercial real estate or vacant land. When borrowers become delinquent on their mortgage note and unable to fulfill their financial obligation, lenders might allow them to engage in a short sale.
Short sales involve selling the property for less than the borrower owes on their mortgage note. Borrowers must obtain short sale approval from their lender before selling their property. Most lenders require real estate to be sold through a licensed realtor. Occasionally, lenders will allow borrowers to list the property as "For Sale by Owner."
Experts state each foreclosure costs banks around $60,000. By engaging in short sales, lenders can usually recoup some of their losses and avoid expensive legal fees associated with foreclosure. Banks are in business to make money, not manage properties. The last thing they want is the responsibility of taking care of real estate and trying to locate buyers.
If you are facing foreclosure, a bank short sale might be the answer to your prayers. Entering into a short sale does not allow you to keep your house. Short sales will have a detrimental effect on your credit, but not quite as devastating as foreclosure.
If your lender grants short sale approval, you will be required to submit a short sale packet. Each lender has their own method, but most require substantial financial documentation to show proof you do not possess the financial means to repay the loan.
Short sales are almost always handled through the lender's loss mitigation department. Chances are your lender will attempt to help you stay in your home by offering a loan modification. Modifying your mortgage note can be a blessing or a curse.
Oftentimes, lenders require borrowers to cure arrearages before modifying their loan. Others require a partial payment to satisfy late fees and penalty charges. This can amount to several thousand dollars. To make matters worse, loan modifications can actually increase your monthly payment. If you are already struggling to pay your mortgage, how are you going to afford a higher payment?
If you cannot afford to stay in your home, but want to avoid foreclosure the only available options are to either find a buyer who is qualified and able to pay the full balance due on your mortgage note or obtain short sale approval from your lender.
Experts claim only one of every ten short sale requests are approved. Our team of short sale specialists has obtained an 80-percent success rate; meaning we are able to help eight of ten borrowers obtain approval.
We understand the fear, frustration, anxiety and depression that accompanies foreclosure. It's humiliating, embarrassing and makes you feel like a complete failure. We talk to people every day who have encountered horrible life events that caused them to become delinquent on their mortgage.
We are currently offering an exclusive opportunity to our visitors. If you are facing foreclosure and need to sell your home quickly, we will review your property at no charge to you and see if it is a good fit for us. If so, Simon Volkov will buy your real estate and guide you through the short sale process.
The only requirement at this time is to provide property information via the "we buy houses" form. Once we receive the information, one of our short sale specialists will call you to discuss options. We cannot guarantee we will buy your real estate or convince your lender to grant short sale approval. We can guarantee we will do whatever we can to help.
Don't give up. Hope is just a few keystrokes away. Take a few minutes to submit your property information. You have nothing to lose and everything to gain
Published on June 13, 2009 at 02:30 AM