The Short Sales Network

How does a person go about finding a short sale to purchase?

I've got tons of friends looking for a short sale and always tell them that these properties are not always the best deals, so buy cautiously. Besides the Multiple Listing Service listings with "Bank Approved" or "Bank Approval Required", where can a person find a short sale property?

Answer:

A local real estate agent is the best way to find short sales, since the agent will be aware that the selling price will be less than is owed on the property. Bear in mind that the lender(s) involved will have to approve the sales price and that might be a bargain or not. Again, the real estate agent will be able to assist you and answer all your questions.

Questions about Short Sale. Need Short Sale Advice!

How is a short sale considered? I have a buyer for my house, and need to do a short sale asap.

Who will pay closing cost of the short sale transaction?

Which lender will approve the buyer?

My lender already approved this situation and said to Short Sale.

I'm not late on my mortgage yet. I'm hoping to short sale ASAP so it won't affect my credit.

I need to save my credit.

Any advice on the short sale would be greatly appreciated.

Answer:

If you are working with a Realtor, they will handle coordinating the short sale with your existing lender.

As far as closing costs, the buyer can pay them or you have to present it to your existing lender and see if they will allow the closing costs to be included in the sales price.

As far as your buyers, they can go anywhere for a loan to purchase your home. Their lender will be working off what is in the purchase contract.

Be prepared though, most short sales can take anywhere from 2-3 months to close. So don't stop making your payments yet. I would highly recommend you hire a realtor that is familiar with short sales to handle this for you.