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| Oregon Short sale expert Elizabeth Thayer |
A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing home owner and mortgage lender to reduce their respective losses by avoiding a foreclosure.
Typically, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings.
Short sales are not automatic, however. Home owners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties involved.
The short sale process starts with a letter of hardship from the current homeowner.
To prove the short sale worthiness to the bank, the listing agent should have already started the process for your seller with their lender and got the ball rolling by submitting a cover letter which explains their hardship, as well as providing a full financial disclosure. They’ll also need the original purchase contract; a balance sheet of the sellers’s income and expenses; assets sheet and two years of federal tax returns.
Lenders prefer compelling letters explaining the need for the short sale and are more apt to agree to it when home owners have lost jobs or encountered significant medical bills, as opposed to those who engaged poor spending.
In addition, note that the following traits can help speed short sale approval:
- The home is marketable
- A second lien holder, if one exists, is amenable to short sale proceedings
- A foreclosure is not scheduled within the next four months
Choosing to purchase a short sale isn't something a home buyer or seller should pursue alone. The process of selling a home is significantly different from selling a non-distressed home. Both the Home Buyers and Home Sellers in a short sale should seek the advice and counsel of experienced short sale listing agent.
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| Short sale information |
For sellers that are in financial stress with the possibility of losing their homes a “short sale” is a possible solution.
Perhaps you have been told that the house should have the carpet replaced or that the interior needs painting or worse that the roof looks like it should have been replaced years ago. If you’re caught in a Catch-22 situation of needing to sell and don’t have the money to put into the house, there’s a possible solution called the FHA-203k Streamline Home Mortgage Loan.
If this is your situation, contact one of the real estate professionals in our network to learn how to start the short sale process with your lender and get your home sold, so you can start a new day.
Once you have the lender’s approval to market you home, your agent can do the following to get it sold:
- Market your house as being eligible for FHA-203K financing;
- Locate a licensed contractor in our network that’s experienced with the FHA-203K program and get a written repair estimate;
- Have your real estate agent provide the repair estimate along with this information to the lender an their intent to market your home as an eligible FHA 203K property with your listing MLS information;
- Have copies of the estimate inside the house for would-be home buyers and their real estate agents to take with them;
- Have your real estate agent list experienced FHA 203K lenders in our network and refer interested home buyers to learn more about this great home renovation loan program.
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| Elizabeth Thayer Short Sale Broker |
- When performing a shorts sale it’s important a top short sale agent is chosen. A top short sale agent can help point out many of the red flags to potential home seller's. Elizabeth Thayer is a highly rated Buyer's agent with 17 years experience in Eugene Oregon.Call Elizabeth Thayer @ 541-914-4785
Visit Our Website www.teamthayer.com