Jan
10
2012
Real Estate Short Sale
Miami Foreclosure Attorney: What is a Real Estate Short Sale? by http://bestmiamiforeclosureattorney.com
Miami Foreclosure Attorney:
What is a Real Estate Short Sale?
Definition: A Short Sale by definition is when the lender or lien holder agrees to reduce their payoff (the amount owed to them) to allow the home owner to close on the sale of their home.
The bank is allowing the sale to happen. Of course, they control every possible term in some cases. However, they are a third party to the transaction.
It’s simply a debt that is being allowed to be satisfied for less than what is owed.
A short sale is not a bank owned property, it a partially bank-controlled property. The bank has an interest (in collecting interest). The interest they obtained when you signed the closing documents. In fact, they have a legal right (in Georgia) to break into your home if it is vacant and change the locks to “preserve” it. More on that on another day.
The bank has to agree and because they are a bank, they act like a bank. If you know anyone who has ever done a short sale with a non-bank (think home equity line with Chase), they don’t act like a bank. They act like a lender, as in, they don’t want to settle without calling you, your boss, your kids, sending you on a guilt trip, asking for pennies just to get something out of you.
Luckily, most people have loans with banks and banks don’t want to foreclose.
A short sale is simply a settlement. There’s terms to be mindful of, here’s a few:
1. Payoff Amount – amount you owe the bank in “real time”
2. Deficiency Amount – are they “coming” for the rest
3. Credit Reporting – what are they going to tell your bank
4. 1099 Amount – the amount they are forgiving of the debt
*Article Source “What is a Real Estate Short Sale?” by Joshua Jarvis, from Atlanta Short Sale Listings.
Don’t delay. Hundreds, if not thousands of homes are saved from foreclosure everyday. Most of the cases that the lenders win are won by default. By the simple act of filing an answer a default can be avoided.
In cases where the Plaintiff does not obtain a default there are only two ways for the bank to prevail: summary judgment and trial.
You may still have time to save your home.
About the Author
Visit Miami Foreclosure Attorney to get the “10 Insider Secrets for Saving Your Home from Foreclosure in Miami, Florida“.
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Create A Short Sale $17.48 In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e. the payment is "short". This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, the neighborhood avoids a vacant, vandalized, foreclosed house and the bank makes on average 30% more money. You can help America’s financial recovery because the more Short Sales we do, the quicker the economic recovery will be. You can speed up the recovery by learning about HAFA Short Sales where an offer is accepted in 10 days. This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone. |
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Create a Short Sale: Your Guide Through the Short Sale Maze $130.94 New – The rules of Short Sales just changed. This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone. In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e., the payment is “short.” This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, and the bank makes on average 30% more money. Sh |
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Create a Short Sale: Your Guide Through the Short Sale Maze $130.94 New – The rules of Short Sales just changed. This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone. In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e., the payment is “short.” This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, and the bank makes on average 30% more money. Sh |
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Create a Short Sale: Your Guide Through the Short Sale Maze, Second Edition $66.18 New – The rules of Short Sales just changed.In a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e. the payment is “short.” This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, the neighborhood avoids a vacant, vandalized, foreclosed house and the bank makes on average 30% more money. This book is designed for real estate profession |
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