You may not know this about short sales

  1. You can complete a short sale if you are current on your mortgage. There are many short sale programs available (including the Treasury’s HAFA program) in which you can complete a short sale without even missing a mortgage payment. However, the guidelines set forth by the investor that owns the note on the mortgage are what would dictate whether the short sale could be completed with no late payments. Best advice: continue to make mortgage payments, if possible. Later, when the negotiator reviews the file, he or she will alert you whether late payments would be a requirement to approve the short sale. At that time, you can make a decision about how to proceed.
  2. You cannot submit more than one offer to the bank at a time. Short sale lenders review and process one offer at a time. Then, if necessary, the short sale lender will provide the agent with a counter offer. If the buyer does not want to move forward and negotiate or accept the counter offer, then the agent can submit a back up offer. Only one offer is processed at a time. If your agent submits multiple offers to the bank, it will complicate and possibly derail the process.
  3. All contracts must be fully executed. The borrower or the individual named on the title is the seller of the property and the buyer is the individual that wishes to purchase the property. While the offer will need to go to the lender in order to be “approved”, it must be fully executed (signed, initialed, and dates) by both buyer and seller before being sent to the short sale lender.

If you have any questions concerning the short sale process…feel free to call me directly at 561.602.1258.

Thanks for reading…Steve Jackson

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