What are the reasons for people needing to sell their home for for less than they owe. (Short Sale)
There could be a number of factors, but some of the more common ones are; Death, Divorce, Adjustable Rate Mortgages, or changes in job status.
How do you get approval from the bank for a short sale?
A good real estate agent who specializes or has experience with short sales can walk you through the process.
Each bank works a little differently but you have to remember they are not in the business of owning houses and a bank can save money by accepting a short sale as apposed to foreclosing on a home.
Can you pursue a short sale if the bank has started to foreclose?
Yes, the foreclosure process can take up to a year and a short sale can happen any time before the home goes back to the bank.
What if I have more questions?
Call me at 612-986-2246 or email me at firstname.lastname@example.org with any questions or for a confidential consultation.
Keller Williams Integrity Realty