albuquerque home short sales 1

Background

Short sales are when lenders allow financially strapped borrowers to sell homes for less than their unpaid mortgage — accounted for 12% of home sales nationwide in the second quarter. That’s up from 10% in the same period last year, says researcher RealtyTrac. The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado.

Bank of America, the largest home mortgage servicer, expects to complete more than 100,000 short sales this year — more than double what it did in 2009, the bank says.

In the second quarter, short-sale homes sold at a 21% discount to non-foreclosure homes, while bank-owned homes went at a 40% discount, RealtyTrac says. Short sales may also reduce losses for loan owners because they avoid full foreclosure costs. Borrowers may qualify for new mortgages sooner after a short sale than after a foreclosure.

Frequently Asked Questions about Short Sales

Q- How long does a short sale take?

A- Generally between 2-6 months. Short sales can actually be long sales:) I have closed a short sale in 45 days and also it has taken longer than 8 months on another transaction.

Q- What is the advantage of a short sale?

A- Typically you can get below market prices on properties with the condition being better than a foreclosure. Occasionally you can pickup a “steal”.

Q- I am considering buying a short sale house. What is the downside?

A- There are several substantial downsides to buying a short sale. First one that comes to my mind is there is no guarantee that the bank is going to accept the short sale. Even though the properties are still technically owned by a private seller all short sales require
the bank’s approval. This can be a long process with that requires the buyer to relinquish a certain amount of control in the process. For instance we have no way of knowing how long a short sale will take to close.

With no guaranteed closing time and no guarantee that the sale will close at all they are ideally suited for investors that don’t need to move right away or someone who wants a great deal but doesn’t necessarily have to have it immediately.
new mexico rio rancho albuquerque foreclosure short sale
Q- How do I qualify for a short sale?

A- You need to have a legitimate hardship to be able to qualify for a short sale. Hardships may include but are not limited to job loss, income loss, transferring out of the area, medical injury, death in the family, etc. The bank would then require us to submit a “short sale package” that can back up the hardship condition with financial records. If
we can show a hardship with supporting financial documents our chances are pretty good.

Q- What are the effects of a short sale on my credit record?
A- Click on this link to learn more about the effects of a short sale on your credit score: Effects of a Short Sale on your Credit Rating.

Q- What should I bring to a short sale consultation with you?

A- You would need the current month’s mortgage statement, 2 months bank statements, 2 years tax returns, copies of last 2 months pay stubs, medical bills, and a hardship letter if applicable.

Q- I have heard a lot about foreclosures and may want to buy one. What can I expect?

A- Contrary to popular belief banks aren’t just giving the properties away for nothing. Good properties move extremely fast. In many cases they can be gone withing 1-5 days with multiple offers. Foreclosures are sold “as is” and in some cases you have to turn on the utilities to have the property inspected. You can still get a great bargain on a foreclosure but generally need to be patient, persistent, and must be willing to act quickly when you find the right property.

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