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Short Sales: the
No Problem Team Loves Them!
Moving and knowing
that your house must be sold as a short sale is one of the most
overwhelming, worst and saddest times in a person’s life.
The No Problem Team
thinks of the short sale process as a long and bumpy ride to a new
beginning and eventually a new home, and since we have a 100% record of
closing our short sales, we love them!
There is no shame or
blame in a short sale. Everyone knows someone who’s been forced to take
the short sale route only because of circumstances beyond their control!
To decide whether a
short sale is the route for you to take, read the following 3 questions.
1. You have
experienced a hardship: loss of job, divorce, excessively high credit
card balances, unexpected medical bills, etc.
2. You are no longer
able to pay the mortgage, insurance and taxes.
3. Your house is
worth less that you currently owe.
If you answer “true” to #1 and “true” to either # 2 or #3, please let us
help you:
call the No
Problem Team today
@ 727.524.9296
Summary of Short
Sale Terms
approval letter: "formal" letter from lender giving permission
and specifically outlining terms of the short sale (including the final
sales price, realtor commissions, when and where the money must be
sent)...
bank appraisal: normally before a short sale approval, the bank
(lender) will want an "appraisal" of the property completed by a
certified appraiser
broker priced opinion (BPO): nothing like an appraiser because it’s
usually done by another real estate agent (with or without any knowledge
of
comparative market analysis (CMA):
deed in lieu:
default:
deficit judgement:
Fannie Mae:
FAR-BAR "As Is" contract:
FHA: Federal Housing Administration
financial statement:
financial hardship letter: There could be many reasons why someone
can’t or won’t pay their mortgage, taxes and insurance on a home. For a
short sale to be approved, the lender must believe the borrower has a
financial hardship that prevents him/her from paying the mortgage today
or in the foreseeable future.
Freddie Mac:
foreclosure:
investor:
lender:
liens & encumbrances:
lis pendis: also called "notice of default" or NOD. First step in
foreclosure process. A lis pendis is normally prepared by an attorney
representing the lender, filed in the local clerk of court office and
served on the borrower by an officer of the court. Lis Pendis states
that if there is no action by the borrower, the courts will award the
property to the lender as "final judgement" for failing to pay the
mortgage (debt) owed to lender
loan modification:
loss mitigator:
market value:
MLS:
private mortgage insurance (PMI): Insurance that is often required
by the lender, when there is a mortgage on the property. It’s protection
for the lender in case borrower defaults on loan.
reinstatement:
REO: "real estate owned" department in which a bank maintains its
foreclosed properties
short sale:
short sale negotiator:
short sale "offer":
short sale "package":
title company - HUD1: |
