The Short Sale That Got Away

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We made the mistake of getting short sale specialists involved that did a horrible job and the couple somehow got stressed and delayed even further until they were just a couple days away from foreclosure.

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In my own short sale, we priced the house pretty low and got an offer very quickly. You need a buyer that is willing to stick around for a super long closing or changes to the agreement. In my case, it took almost 4 months from when we got the offer to when the closing took place.

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A short sale is a financial option that is sometimes available to homeowners who are distressed borrowers. They are behind on their mortgage payments and have a home that is underwater. That is,

Nevertheless, a short sale will likely prevent you from getting another mortgage right away. The amount of time you must wait before applying for a new mortgage loan depends on the type of lender and your financial circumstances. Read on to learn more. Getting an FHA Loan After a Short Sale

In most short sale counteroffers from the lender, the bank calls for a higher sale price. It is important for the seller and buyer to respond to the lender within their time frame, or the bank could close the file. Once the seller is satisfied with the terms of the short sale approval letter, the short sale advances to the Closing Phase.

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