Q: What is a shortsale?

FOR SELLERS

YOU MUST HIRE AN EXPERIENCED SHORTSALE BROKERAGE.
AS A SELLER YOU MUST REMEMBER THAT IT IS UP TO YOUR LENDER THAT HOLDS THE MORTGAGE ON YOUR PROPERTY AS TO WHETHER OR NOT THEY WILL ALLOW YOU TO SELL IT FOR LESS THAN YOU OWE. THIS CAN TAKE 3 – 6 MONTHS FOR AN ANSWER AND THEY MAY ASK YOU TO BRING IN MONEY TO CLOSE THE PROPERTY OR SIGN A PROMISSORY NOTE FOR THE BALANCE OWED. WITH THE RIGHT BROKERAGE WORKING FOR YOU THIS CAN BE MINIMAL DAMAGE TO YOUR CREDIT AND YOUR BANK ACCOUNT.
A: When a person wants to sell their house and they owe more on the house than it’s worth.
Your agent that you hire to sell the house must convince your lender to allow you to sell it at fair market value.

FOR BUYERS
Q: How does a buyer buy a shortsale and how long does it take?

A: Generally, a shortsale takes 3 – 6 months to close escrow.
Your agent that you hire to represent you in the purchase must assist the listing agent in convincing the bank that holds the mortgage on the property to sell it at fair market value to you. YOU MUST BE PATIENT TO GET THE GOOD DEALS. GENERALLY SHORTSALES  DO NOT NEED TO BE FIXED UP AND THE SELLER IS VERY COOPERATIVE AND WANTS YOU TO HAVE THE HOUSE.

Since each shortsale is unique, contact Lori@TREELV.com for your FREE evaluation.