A Short Sale, whether you are the buyer or the seller, can be a complicated and stressful event. Short Sales are oft touted as alternatives to bankruptcy or foreclosure; but it's not really as simple as that. Not all properties qualify, and not all buyers qualify as Short Sale buyers.
If you are considering a Short Sale of your current home, beware that lenders do not have to accept this, because they are typically taking far less than is owed. Some examples of what might qualify you are: unemployment, divorce, medical emergency, job transfer, bankruptcy, or death. These are qualified as personal hardships, and lenders are more likely to approve of Short Sale under one or more of these conditions. This type of sale is sometimes an option when the homeowner owes more to the lender than the home is worth. In both types of situations the bank must be provided with documentation including but not limited to: tax returns, W2's, financial statements, payroll stubs, and a hardship letter. If you are considering a short sale of your home, it is best to obtain legal advice from a real estate lawyer and an accountant!
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If you are considering purchasing a home that is up for Short Sale, you have a lot of homework to do. First, employ a real estate lawyer and an accountant; you will need the advice of professionals to get through this process. There are some factors you should be aware of, though before starting this process. You should get pre-approval from your lender. You should be able and willing to put down 1-3% of the total asking price. You should expect the bank to take 6-8 weeks to decide on your offer. You should not expect the seller or the bank to do any repairs or have any inspections done; those will be your responsibility. Finally check with the listing agent on the home before making any offer. Yours is not likely to be the first, and you want to make sure that you are offering the highest bid to date.
Whether you are the seller or the buyer, Short Sales are not for the faint hearted. If you decide that this method is the best option for you, these tips should make the process less overwhelming.
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