" If you owe more than your home is worth you can Short Sale your home"
Ranked #13,299 in How-To, #134,154 overall
Short Sale Information
You can find great local Pleasanton, California real estate information on Localism.com Mike Jackson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
In todays market home owners are facing a definite challenge to sell their homes because of the vast amount of homes for sale. As we all know defaults and foreclosures are growing rapidly everyday and some people judt didn't know that they could still sell their home even though the value is less than what the mortgage is.
In order to have a successful short sale there needs to be a hardship in the sellers life like they lost their job, injury prohibiting them from working, etc. Most banks will begin to negotiate when they know the seller is in default and can't make the payments. They will want to see an offer on the home, the sellers income statements for the past couple of years and most recent pay stubs.
Once the offer comes in the bank will ask for the listing agreement and a net sheet to see how much they are possibly losing on the sale of the home. The lender will then perform a bpo or an appraisal so they can get an idea of what they think the home is worth and should sell for.
If there is one lender the short sale is that much easier because only one lender at this point needs to approve of the sale. Of course if there are two lenders then they both would need to approve of the sale in order for it to be successful.
Once the sell is approved then the lender will normally give you 30 days to close the sell of the home like a normal transaction. Feel free to contact me regarding the rules behind an investor purchasing a short sale as an investment property, or a buyer trying to purchase a short sale as their owner occupied residence.
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Reader Feedback
richgerman wrote...
thanks for the tips... you have plenty of useful info here...
5stars, favored
Posted August 19, 2008
Bill_Chechel wrote...
Nice lens. Some great info here on short sales.
5 star. Come see my home business lens .
Posted July 08, 2008
BillGassett wrote...
Nice site covering short sales!
Bill Gassett
RE/MAX Executive Realty
Holliston MA Real Estate
Posted June 19, 2008
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Posted June 13, 2008
PaulMontelongo wrote...
Very informative! Thanks for sharing. Please take time to visit my lens. A feedback from a realtor like you would be greatly appreciated.
To your success,
Paul Montelongo
Posted June 11, 2008
BFuniv.com wrote...
This looks like a much better option than a "quitclaim in lieu of foreclosure" action. Thanks for the information.
Posted May 07, 2008
carrieokier wrote...
Thanks for the info- I never heard of it before. 5 stars!
Posted April 24, 2008
GetSmart wrote...
short sales are becoming more relevant, as the number of foreclosures continue to raise.
Posted March 31, 2008
BizMom wrote...
Thanks for stopping by my Lens and giving me 5 stars! Returned the accolades, gave you 5 stars :)
Posted March 14, 2008
beachbum_gabby wrote...
looks like very good idea. Cheers to you Realtormj! 5*
Posted March 14, 2008
Nestor wrote...
Thank you for stopping by our lens about West Palm Beach Florida Real Estate. We like your lens on short sales. Good job.
Posted February 29, 2008
jasljohns wrote...
This is another good public service post. Keep up the good work.
Posted January 26, 2008
financegirls wrote...
there goes your 17th set of stars!
your lenses are helpful
Posted January 25, 2008
LuckyCharm1558 wrote...
RealtorMJ, Thank you so much! Do you think you can reccomend my page to some of the people you know on Squidoo? Please and thank you!
Posted December 25, 2007
LuckyCharm1558 wrote...
Hey! Thanks. You don't have such a bad page yourself! You may not believe this, but I am only 10 years old!
Posted December 21, 2007
LuckyCharm1558 wrote...
Hey! Thanks. You don't have such a bad page yourself! You may not believe this, but I am only 10 years old!
Posted December 21, 2007
AdriennePetersen wrote...
Interesting info, hope I never need to use it! Thanks for visiting!
Posted December 21, 2007
Vishenda wrote...
I love the way you presented the information....helpful!
thanks
Posted December 13, 2007
tonyab wrote...
Hey thanks for paying my Article Marketing Strategy Lens a visit. I love this lens - part of my work is marketing for a real estate appraisal company, and I'm familiar with this area. This info is really useful! 5 stars.
Posted December 11, 2007
MattRosario wrote...
Very cool site, get to see a real business in action! i have a lens on foreclosure magic which your readers might like~!
Posted December 08, 2007
SquidooForBetterLife wrote...
Thanks for your visit to my lens. Yours have great content too.
Friendly. Yves.
Posted December 03, 2007
krisManuel wrote...
Hey there, thanks for the tips. Cool video. 5-stars!
If you have time, stop by my lens Your Health and Freedom. Thanks!
Posted November 28, 2007
OfficeRocket wrote...
Great lens, 5 stars!!!
I have a lens on computer printers which you are your readers may be interested in.
Posted November 11, 2007
MagiesPlace.info wrote...
5 Stars! This information is so needed right now.. Please add your lens link it to my www.magiesplace.info site!
Posted September 26, 2007
dc_zhen wrote...
Realtormj,
Great information on real estate here and the rest of your other lens. I'll be sure to book mark your lens in case I need an expert to consult! I like the video too..5 stars...cheers, all the best always!
p.s- thanks for coming by my lens earlier and for the kind words..
Posted September 21, 2007
SemperFidelis wrote...
I especially like the video you offer on this one. :o)
Posted September 15, 2007
by ShortSaleRealtor
I was born and raised in Oakland California. I have always wanted to be a major league baseball player. Four surgeries later I found myself working a...
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