Real Estate: Short Sales
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Home Page > Finance > Mortgage > Real Estate: Short Sales
Real Estate: Short Sales
Posted: Jun 28, 2011 |Comments: 0
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The real estate market is said to be beginning its rise back from the doldrums but the problems that people faced during that rather sad period are still very much around. While there are different kinds of options that homeowners can choose from when they are faced with difficulty in paying their mortgages, not all of these options are viable. Sadly, many homeowners are forced to either declare bankruptcy or allow foreclosure proceedings to be initiated. However, there is another option that homeowners can avail of in for loans related to real estate—short sales.
It is important to discuss this difficult decision with their lenders because there needs to be approval on their part since agreeing to short sales will mean that they will be accepting a loan payment that is less than what is actually owed to them by the homeowners. They also need to meet the requirements set by their lenders and submit whatever documentation is asked of them. Once they are deemed qualified for short sales, real estate agents can begin to market the house and let people know that it is available for purchase. The homeowners may need to inform their lenders of who their real estate agents are in order to create a smoother transition during the short sale process.
Some of the documents that may be asked of homeowners applying for real estate short sales are
1.) a preliminary net sheet, which is a statement that clearly shows how much the homeowners are expecting to receive upon the sale of their property, any outstanding debts and fees, and other financial matters, 2.) a hardship letter, which is considered a statement of facts that underscore why homeowners are facing the financial difficulties they find themselves and why they have been forced to pursue short sales, 3.) proof of income and assets, which is a factual document disclosing your finances and assets to clearly show that the homeowners cannot afford to meet their mortgage payments, and 4.) bank statements, which present the deposits and withdrawals homeowners have made using their bank accounts.
Once a prospective buyer places a viable offer on the table, homeowners need to send a copy of the offer to their lenders. The offer will need to be studied and decided upon and lenders have the option to refuse an offer and
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