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| Short Sale Process |
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The short sale process is still a mystery to many people, even after all these years. Lots of buyer's agents are confused; puzzled buyers are looking for direction, and not every short sale listing agent knows how to do a short sale.
The Basics of a Short Sale
Banks grant short sales for a combination of two reasons: the seller owes more on the mortgage than the home is worth, and the seller has a hardship.
A few examples of a hardship are:
Unemployment / reduced income
Medical Emergencies
Job transfer out of your local area
Bankruptcy
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but -- with the exception of Wachovia, which is the best short sale bank in the world -- the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of: |
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