A Short Sale is a Privilege, Not a Right. Not every property qualifies as a potential short sale in a bank's eyes. A bank must agree to grant a short sale. Banks are under no obligation to approve a short sale. Banks will grant a short sale if the bank feels it is in the bank's best interest to approve the short sale. It is in the bank's best interest to approve the short sale if the bank will make more money through the short sale than to foreclose.
There are 4 essential ingredients to a short sale:
An underwater home (mortgage balance is greater than the market value of the home)
A willing short sale bank
A seller with a hardship
A buyer willing to purchase the home
As YOUR Real Estate Agent I will:
- Gather the required paperwork and submit the short sale package to the bank.
- Help you, as the seller to price the short sale home. The price needs to be attractive enough to entice a buyer to wait for short sale approval but high enough to satisfy the bank's BPO.
- Put the home on the market. I will submit all offers to you, as the seller to first be accepted.
- Negotiate the short sale with the bank on your behalf.
Keep in mind this process may take anywhere from 3 to 6 months, but it can be beneficial for all parties involved.
If you think your home may qualify for a short sale, let's talk more indepth about the process!
I am here for all your home buying & selling needs
Best~
Kandiss Ecton
Dwellings Unlimited
248-875-5868
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