I HAVE QUESTIONS! (more on the bottom)
Q: What is a short sale?
A: Is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
Q: How does it affect my credit to short sale my home? A: If the lender approves the short sale, it may be reported to the credit respositories as "settled as agreed" or "paid as agreed". You will also be granted a full release of lien.
See IRS.gov for more details -
click here (This is important!)
A: The property is sold "as is", "no repairs". The Seller will not pay for a residential service warranty, survey, inspections or appraisal.
Q: Does it take less time to sell the house because it's a "Short" sale? A: The process may take a minimum of at least 45 days and up to 90+ days or more after the Lender receives a complete short sale package.
"Short" comes from short on MONEY, not "Short" on time.
A: The Lender pays if any, the commissions.
Q: The bank is offering me forebearance, should I do that before a short sale? A: Please consult an attorney for this answer. But many short sale clients are former forebearance clients who could not comply with the strict guidelines the lender sets therefore forcing them into short sale status.
Q: As a buyer how do I buy a short sale? A: Contact a licensed real estate agent for assistance on buying a short
Q: As a buyer how do I buy a short sale? A: Contact a licensed real estate agent for assistance on buying a short.
Call Heidi Johnson for help. In Texas832-603-9111.
If you are out of TEXAS you can call me toll free at: 877-603-9111 and
I will refer you to a short sale agent in your state.
