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As an investor, its important to compare similar properties in the area and get comparable prices. In some cases, banks have been known to approve short sales priced between five and 10 percent under market, but that depends on the property and area.
What are the steps in a short sale?
Heres how to short sale your home in California Qualify for a California short sale. Begin the short sale process. List your house on the market. First level offer review begins. Proceed to the Second Level Offer Review. Negotiate. Close on the house. If required, get help with the short sale process in California.
What is a short sale addendum?
An acknowledgement that the seller can pursue other offers on the property in order to get a higher price.
Which of the following items should be included in the short sale package sent to the lender for approval of a submitted offer?
Short sale package: The borrower has to prove financial hardship by submitting a financial package to their lender. The package includes financial statements, a letter describing the sellers hardship(s), and financial records, including tax returns, W-2s, payroll stubs, and bank statements.
How to do a short sale in CT?
5 STEPS OF THE CT SHORT SALE PROCESS: Seller Consultation. This is the first and most important part of the short sale process. Get the Home on Market. Secure a Buyer. Get Short Sale Approval. Close.
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People also ask
What should the listing agreement for a short sale do?
The listing agreement should state that the sellers acceptance of any offer will be subject to the lenders approval of the offer without requiring that the seller bring cash to close escrow, and an agreement by the listing broker to accept the commission as approved by the lender.
What is a short sale agreement?
A short sale is when a mortgage lender agrees to accept a mortgage payoff thats less than the outstanding balance, usually in order to facilitate a sale of the property.
Related links
STATE REQUIREMENTS FOR DEBT NEGOTIATORS IN
Feb 5, 2013 In negotiating a short sale, a debt negotiator may charge the mortgagor or debtor up to $500 for performing debt negotiation services. The fee
[(9)] (11) Short sale means the sale of residential property by a mortgagor for an amount less than the outstanding balance owed on the loan secured by
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