So how short are they?
That reminds me of my favorite joke, it’s titled
“And that’s how the fight started”
I was driving home yesterday and the guy in front of me hits the brakes and I ran into his back bumper.
Out came the guy (he was REALLY short) and looked at his bumper, looked at me all mad and put his hands on hips and says…“I’m not HAPPY”
I said “So which one are you”
And that’s how the fight started……
Ok, where was I…oh yeah Short Sales.
Short sales are just that; sales that are sold short….Huh?
What that means is that the lender (bank) is willing to accept a price that is less then what is owed on the mortgage, Got it?
How it should work:
1) Home Owner (seller) and Lender have a serious conversation about the financial position of Home Owner and their ability to pay current mortgage.
2) Lender attempts to mediate some financial pressure by offering incentives to Home Owner to continue paying current mortgage.
3) Once these incentives are not attainable, Home Owner and Lender agree to entertain a Short Sale.
4) Seller provides all required documentation to lender.
5) Lender provides all required guidelines to Home Owner.
6) Home Owner with in lender guidelines markets their property in an attempt to gain a purchase offer.
7) Once purchase offer is procured, said offer is presented to lender for review.
8) Lender will review terms of purchase offer, value property and make a final determination as to validity of purchase offer.
9) If lender agrees with the terms of the purchase offer, they will inform all parties of any closing conditions and if conditions are met/accepted the property goes to closing.
Should be but lots of stuff gets in the way……mainly the Homeowner (seller) and their Realtor.
To be continued……………..