How Do I Buy or Sell a Short Sale?

 

 

Kissimmee St Cloud Florida Short Sale Homes

What is a Short Sale?

A short sale occurs when a property owner becomes delinquent on the repayment of their loan (mortgage). This is usually a result of a financial hardship, such as the loss of employment,under employment, serious health problem, divorce or death. If the property value has dropped, and more is owed than the property is currently worth; the property owner may ask the lender to allow them to have a “Short Sale” . It is called a Short Sale, because the proceeds fall short of the loan amount against it.

Applying for a short sale, is done much the same way applying for a Mortgage is done. The borrower must show income tax returns, pay stubs, and bank statements. They must write a Letter of Hardship, explaining their specific circumstances, and why they cannot continue to meet their mortgage obligation.

A case manager will then review their request, and make a determination based on their circumstances, and financial ability as to whether or not the Short Sale Request will be Approved or denied.

In addition to the application, the lender will ask a Real Estate Broker such as myself Allison Stewart of St. Cloud Homes & Land, LLC to perform an analysis and prepare an Broker’s Price Opinion. Commonly called a BPO. A BPO is an opinion of value, which is based in location, age, condition, and previous recent sales of other properties which are similar to the one which is called the subject property.

Once a determination of approximate value has been established, the property owner can then list the property for sale with a Reputable Real Estate Professional. The purpose is to obtain a ready willing and able buyer, for that property. When an offer has been received it is reviewed by the property owner.

The Term “Subject to Third Party Approval”

The term Subject to Third Party Approval, means, the lender must also review and approve of the offer in exchange for releasing the lien the lender has against the Real Property (house, town-home,condo). A mortgage is a note. A lender will place a lien on the property which has been pledged as collateral for the loan. The property CANNOT change hands until the lender (property lien holder) approves it.

There are numerous departments involved in the Short Sale Process. It takes time for the file to pass through the various departments before the lender will determine of the Offered Price is acceptable and the approval letter is processed.

The process can take as little as 2-3 weeks, but more commonly about a month. The lender will indicated a closing date on an Approval Letter, as well as any other conditions of sale which must be met before they will release their lien.

 

St.Cloud Kissimmee home buyers, this time is an advantage to you for the following reasons:

1) Making sure your financing is in order and your loan is approved.

2) It affords you the opportunity to save additional money. Over the period of a couple of months, that could be really helpful in decorating your new home, putting away additional funds for utility turn on, and miscellaneous expenses new home owners typically incur.

3) It gives you time to plan your move. Efficiently and effectively.

4) It provides an opportunity to plan in advance the changes you want to make to your home, preview paint colors for instance, carpeting or tile you may want to change, placement of where your furniture will go, and perhaps even find those perfect accent pieces to compliment your new dream home.

5) Time to plan your landscaping, or save for a shed, gazebo, or new outdoor patio furniture.

 

 Allison Stewart Broker/Owner of St. Cloud Homes & Land, LLC is a Short Sale and Foreclosure Specialist Certified by the National Association of Realtors® she has worked with short sales successfully serving many Kissimmee Short Sale Sellers and Buyers, St Cloud Fl Short Sale Buyers, St Cloud Florida Short Sale sellers and has worked with most major lenders helping short sale buyers and sellers in St. Cloud Florida Area , including: Bank Of America. Well Fargo, Chase, LPBS.

Homes & Land, LLC,. A local St Cloud Florida Real Estate Brokerage.

Committed to excellence and superior customer service, the emphasis has always been on Unparalleled Customer Service which begins with YOU. St. Cloud Homes & Land, LLC has performed consistently and grown over the years. What makes us successful is our commitment to you.

Knowing a little about us is nice, but Focusing on what is important to you is what we do best!

Whether Buying St Cloud Florida Homes & Land, or Selling St. Cloud Homes or Land, Allison will take the time to find out what is important to you, answer your questions, and share important information on current market conditions.

Licensed and Certified we specialize in ALL aspects of residential Real Estate. From contact to closing we are with you every step of the way, answering your questions, overcoming obstacles and getting you to the Closing table as stress free as possible. Our team consists of like minded, friendly knowledgeable Sales Associates who offer outstanding Customer Service. We guarantee you love what we can do for you in making your Home Buying or Selling Experience with us a good one.

St.Cloud Homes & Land, LLC is a full service Licensed Real Estate Agency Providing OUTSTANDING customer service and commitment to excellence for its clients. Kissimmee Homes, St Cloud Florida Homes, Kissimmee Vacation Homes, Kissimmee Town Homes, Kissimmee Condos, St Cloud Vacation homes, St Cloud Town Homes, St Cloud fl historic homes, St Cloud Fl condos, all Osceola County Real Estate Properties.

Our Customer call us “ The best in business”, call us 407-545-8002

St.Cloud Homes & Land, LLC
Providing Professional Real Estate Services
2490 Bronco Drive
St. Cloud, FL 34771
Phone: 407-545-8002 | Email: Allison@Kissimmee-stcloudflhomes.com

St.Cloud Homes & Land, LLC is a full service Licensed Real Estate Agency Providing OUTSTANDING customer service and commitment to excellence for its clients. The best in business, call us 407-545-8002

St.Cloud Homes & Land, LLC
Providing Professional Real Estate Services
2490 Bronco Drive
St. Cloud, FL 34771
Phone: 407-545-8002 | Email: Allison@Kissimmee-stcloudflhomes.com