“LA Cash Offer” Buys Properties In Any Condition Or Situation, Including Short Sale – Find Out Below If Your Los Angeles Property Qualifies For Us To Make You A Fair Offer Below…
See how to Short Sell my house below…
First off what is a short sale and can I really short sale my house? A short sale is a real estate transaction where the price that is paid for the home (the Sold price) is not enough to cover the mortgage and any other underlying debts, as well as the real estate closing costs, title fees, real estate commissions, etc. It is a means to avoid the stigma of foreclosure on the seller’s credit report.
Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.
A few examples of a hardship are:
- Unemployment / reduced income
- Medical emergency
- Job transfer out of town
The seller’s short sale package will most likely consist of:
- Letter of authorization, which lets your agent speak to the bank.
- HUD-1 or preliminary net sheet
- Completed financial statement
- Seller’s hardship letter
- 2 years of tax returns
- 2 years of W-2s
- Recent payroll stubs
- Last 2 months of bank statements
- Comparative market analysis or list of recent comparable sales
Writing the “Short Sale My House” Fair Offer and Submitting to the Bank
Before a buyer writes a short sale offer, a buyer needs a list of comparable sales. Los Angeles Fair Offer can assist you with obtaining these at no cost.
Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value based on the current conditions of the house.
The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.
Los Angeles Fair Offer has full time negotiators to facilitate your short sale.
After the seller accepts the offer, Los Angeles Fair Offer will send the following items to the bank:
- Listing agreement
- Executed purchase offer
- Buyer’s pre-approval or proof of funds letter and copy of earnest money check
- Seller’s short sale package.
The Short Sale My House Process at the Bank
Buyers may wait a very long time to get a response from the bank. It is imperative to regularly call the bank and keep careful notes of the short sale process. Los Angeles fair offer can help with this!
Traditional Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don’t get an answer within a specified time period. Thus leading to a failed Short Sale and potentially losing the property. This is on of the many reasons it makes sense to work with an Investor Buyer like Los Angeles Fair Offer. Once we make you a fair offer for your property, and its accepted by you. We will stay with you every step of the way until the transaction successfully closes.
Following is a typical short sale my house process at the bank:
- Bank acknowledges receipt of the file.
- A negotiator is assigned.
- The bank orders a valuation of the property.
- The file is sent for review or to the investor.
- The bank may then request that all parties sign an Arms-Length Affidavit.
- The bank issues a short sale approval letter.
Some short sales get approval in 3 weeks. Others can take as long as 12 months. A typical Short Sale transaction takes 4-6 months to complete.
So if you’ve given any thought to How do I Short Sale My House …
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