Explaining the short sale process has always been a hard task. Linked below is a very concise and easy to understand article. It is written to the buyer’s perspective, but a seller can fairly easily see the pros and cons.
To clarify – lenders require that the prospective short sale property be listed for sale with a realtor. A discount realtor with Multiple Listing Service access should suffice, however.
The biggest drawback of course, is that the buyer probably must purchase with all cash. An experienced investor does exactly that. This is the biggest reason to enlist the services of an investor experienced in short sale negotiations.
Most notably, the seller or property owner cannot profit from a short sale. This essentially means that anyone who has made the decision to liquidate a property should enlist a short sale expert. It’s illegal to profit anyway.
The REST Report calculates an unbiased short sale price so that the homeowner is not held hostage by proprietary calculations meant to benefit the mortgage servicer – who has already calculated that foreclosure will net them a bigger profit anyway.
I am a proud vendor of the REST Report. I also have the best hardship letter template available anywhere. Proven results.
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. Obviously this page concerns short sale, short sale rules, and foreclosure alternatives. But other concerns such as try title, quiet title, and clear title may apply. The REST Report is best classified as loan modification software or do it yourself loan modification. But if your reduced income is too low, short sale versus foreclosure is the goal. The REST Report claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using their software. It is the answer for a real estate title search to decide if your mortgage servicer has the right to foreclose on you at all. This blog is dedicated to independant mortgage advice. If you have assignment of title issues or need to calculate net present value, you may have a cloud on your title which can block the short sale rules. This blog is a resource to evaluate short sale vs. foreclosure. There is no excuse for foreclosure other than the treachery of your mortgage servicer.
This YouTube video explains the Broken Chain of Title, short sale, cloud on title situation
Click to read more about your Do-it-Yourself Short Sale REST Report
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Use this link to find foreclosed homes in the Twin Cities .http http://www.propertyshortsale.net search-foreclosures . IF you have an FHA loan call me and we can work through the discussion of whether or not you may qualify for a short sale. The ability to pay the second lien holder a larger amount to make a settlement is what I feel will allow more HAFA short sales to close…