Short Sale Considerations

The real estate word Short Sale came from the fact that the Lender’s payoff is coming up “short”.  It occurs when a Lender agrees to the sale of a property for less than the amount owed on a mortgage. Purchase and Sale Agreement (from Realtor), Addendum to Purchase (from Realtor), Authorization to Release Information, Two Years FULL Tax Returns , Two Months Bank Statements (Most recent), Last Two Pay Stubs, Fill Out Financial Worksheet, A Handwritten Hardship Letter, If FHA, Form 90036 and Homeownership Counseling Certificate include a short sale package.

The rest of the seller’s debt is forgiven with short sale. Rather than suffer the lengthy and expensive foreclosure process, a homeowner agrees to a short sale though the sale of your Leesburg Virginia Home, for instance is less than the owner owes on the mortgage.

Perhaps, foreclosure is not the only option. Short Sales are good options. The Home buyer will get the home in a bargain price. The Seller will get out of the mortgage liability and will definitely not face bankruptcy. The lender on the other hand though agreed to a loss from accepting fewer benefits will not be facing the protracted process of foreclosure.

Short sale is a better option to foreclosure, however, waiting for the lender to agree on it can be a lengthy process. But if you’re on the way to short sale your Homes for Sale in Virginia , Realtors advise that you seek help from a real estate agent short sale expert. Here’s what they say:

1. Make sure that your Lender agrees in writing to forgive all debts with the short sale.

2. Make sure how the short sale will be reported to your credit report. A short sale can gie you a negative credit report although the report wil just say aas ‘settled for less than the full balance,’.

3. Make certain that you are well-informed about the tax repurcussions.. So, if your Home in Chesapeake Virginia was agreed to a short sale for $30,000 less, then a 1099 for $30,000 will be issued by your lender and you would have to pay taxes on.

Short sale is a win-win situation according to Real Estate agents. If you ever decide to buy another home, short sale has an advantage over foreclosure.

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