1. In order for the bank to accept a short sale Sellers must NOT qualify for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
2. The bank will set an acceptable value of the home upfront, based on an appraisal or broker’s price opinion.
3. Lenders must approve or deny a purchase offer within 10 days of it being submitted.
4. Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven. These mortgage payments will not be shown as late on credit reports.
5. At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.
Thinking of Selling or Buying?
CALL CLARA for all your real estate needs
856-264-1058
