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| Why Short sales? Government is
trying to prevend foreclosures, and there are programs like HAFA (Home
Affordable Foreclosure Alternatives Program) to aid closing of the short
sales. Nowadays, it is much more doable, and the closing rate is very
high with experienced listing agent. The listing agent is very
crucial, and requires the knowledge of paper documentation, negotiation with
negotiator, and loss mitigation. Check out the Short Sale Guide! Complete list of required documents include: * 2-year tax returns * Bank Statements * Financial Statements, * Hardship Letter, * Letter of Authorization * Pay Records Call 949-981-6666 to see whether you are qualified for a short sale! For Buyers: Pitfall of foreclosure auction sales? * Chance to inspect the property is limited * Even after the auction sale, will probably need to evict the tenants * Buyers are responsible for paying any outstanding liens * Possibly the title is not clear * Buyers may be impacted in states that offer borrowers the right of redemption Why Short Sales is preferred to bank owned REO properties? Simple, less cost to the bank, less price to the buyers! |
