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General What is a short sale? Yes, because in a short sale, the mortgage lender will be receiving less than amount the borrower owes on the mortgage.
The lender needs to verify that the homeowner cannot continue to pay the mortgage and determine if a short sale is better than foreclosing on the property. Why do homeowners sell their homes through a short sale? Homeowners pursue a short sale when they can no longer pay the mortgage, need to move from the property and want to avoid a foreclosure.
Who benefits from a short sale and how do they benefit?
Home seller — Avoids foreclosure and the many headaches that come with a foreclosure, allowing a graceful transition into more affordable housing. Buyer — Purchases a property at a fair market value and avoids having to deal with the risks of buying a foreclosed property.
What are the pitfalls of buying a short sale property? Junior-lien holders such as second mortgages, HELOC lenders and other special assessment liens may also need to approve the short sale.
If a buyer is bound by a specific timetable to buy a home, the short sale may not be an ideal route. There are many roadblocks which can derail a short sale.
With extra research, a buyer should be able to uncover the possible obstacles and plan for them. Buying the property on an "as is" basis. The seller of the property will normally have to pay some money at closing or agree to an unsecured debt in order to have the short sale approved.
If the seller refuses, then a short sale may fall through even if the seller has approved the sale. The approving lender will rarely agree to pay for any extras that a regular seller would normally agree to. This could mean higher closing costs for the buyer. The buyer will need to shoulder those costs.
For example, the buyer covers the cost for inspections and repairs. If the seller is selling a property for less than what they bought it for, does that mean the buyer instantly earns equity on the property?
The seller could have bought the home at a time when property values were high, possibly in a booming market. Today, the housing market is down and the value of many properties has declined. Why does the short sale purchase process usually take longer that a regular purchase?
Gathering the required documentation and doing bottom-line reviews can take significant time to complete before a short sale is approved. Also difficult negotiations that take place between the parties involved, such as junior-lien holders and the seller, may delay the process.
Can I complete a short sale purchase transaction on my own? Because of the complex nature of a short sale transaction, it is strongly recommended that buyers work with a real estate professional who has a track record in successful short sales.
Short Sale Listings How can I find properties that are being sold on a short sale? Buyers can use an online database, such as a Multiple Listing Service, or consult real estate professionals who have experience in short sale transactions.
Aside from "short sale," some key phrases to look for are "subject to bank approval," "preforeclosure," "third-party review required," and "pre-approved by bank" which may indicate that the property is being sold on a short sale.
What is the difference between a short sale listing that says "approved for short sale" and "third-party review required"? It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.A short date forward is an exchange contract involving parties that agree upon a set price to sell/buy an asset in the future before the normal spot date.
When trading futures contracts, being 'short' means having the legal obligation to deliver something at the expiration of the contract, although the holder of the short position may alternately buy back the contract prior to expiration instead of making delivery.
Short futures transactions are often used by producers of a commodity to fix the. SHORT FORM PRIME CONTRACT BETWEEN OWNER & CONTRACTOR This Agreement (“Contract”) is made this day of, 20, between (“Contractor”) and. The Contractor, at its option, may suspend work under the Contract as a result of the following: (1) Owner’s failure to timely pay sums due to the Contractor, until such payment is made; (2) a dispute over payment for extra work, differing site conditions, changes by Owner or other.
Exciting news Contract fans!! After 3 years, our amazing short film is coming off the shelf and will shown at the Marina Del Rey Film Festival this Friday (11/13). The Contractor warrants to the Owner that all materials and equipment furnished under this Contract shall be new unless otherwise specified and that all work under this agreement will be performed in a good and workmanlike manner, shall be of good quality, free from faults and defects, and in conformance with Contract documents.