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A Short Sale is reserved for sellers that normally are behind on their payments or will become late on their payments, if current conditions continue, and/or maybe facing foreclosure. Short Sales are for sellers that have no other avenue to keep their mortgage current and need to sell their home or to allow the lender to foreclose on the property.
Short sales are a long drawn out procedure that can routinely take 60 days or longer just to get the lender to consider a buyer's offer and in some cases the lender will not accept and will proceed with the foreclosure. There are no guarantees that the short sale will be acccepted by the lender.
How Does A Short Sale Work?
A contract to buy must be written at a price that will net the lender less than currently owed by the seller and with the seller netting zero. This contract along with other documents, required by the lender, will be submitted to the lender for consideration. A personal hardship must exist with the seller and your personal finanicial data must be supplied to lender, along with other documentation. An appraisal will be orderd by the lender. After all documents have been received the lender will review them to determine if they will net more by accepting the short sell vs. foreclosing. If they agree to the terms of the contract, settlement can occur. If the lender feels that they will net more by going to foreclosure, then they will move to foreclosure and not accept the "short sale".
Because each lender is different and has different requirements and procedures to accept a "short sale." Bev has alined herself with experts in the industry, that provide this service, and is offering this service to her clients.
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