Whether you are considering buying a short sale or you have suffered a financial hardship and need to "Short Sale" your property, you must get educated on the process. Find an knowledgeable Realtor to assist you with your short sale needs in the Myrtle Beach area or any other real estate market. The information that you need to know differs greatly depending on if you buying or selling a short sale.
1) Buying a short sale - Buying a short sale can be a frustrating process for home buyers, and the upcoming pitfalls must be discussed before placing an offer on a property that has this status. The short sale process typically is taking 90 days to receive any sort of response from the lender that holds the note on the subject property. Short sales can become frustrating for home buyers that are shopping for a place to live as a primary residence, and may also be frustrating when searching for a second home. In both cases you may end up searching for another place after months of waiting on the bank's response. Short sales are a great avenue for investors to purchase, because the investors typically don't get personally involved with the property. We at Beach Realty Group have seen the short sale process turn the lives of home buyers lives upside down.
Be sure that you are in for the long haul and don't get personally attached to any home or condo while entering the short sale process. It is very important that you and your Realtor discuss all information affecting this property before making an offer. Find out if the agent or any of their colleagues have dealt with the mortgage holding bank, find out if there are more liens on the property that need to be negotiated, and most importantly make sure that the seller of the property is onboard to get all requested docs to the lender for processing.
2) Selling a short sale - Who the mortgage holder is plays a huge roll in how long it will take to process the short sale, and in every case, the bank's response will be the deciding factor on the success of a short sale. Most buyers that are searching for real estate in today's market have become educated on what the short sale process entails, and it is up to the listing agent of your property to educate the buyer's agent on what the process for any particular property entails. There are several documents that just about all mortgage companies want to see before considering a short sale. Here is a list of the most required documents, but keep in mind that all banks handle the short sale process different.
IRS Form 4506T
Few month bank statement
Couple years tax returns
HUD 1 Settlement Statement
Form 710 - Uniform Borrower Assistance Form
Arm's Link Transaction Form
Short Sale Addendum
Broker Price Opinion
Home Owner's Association Statement
Miscellaneous bank forms depending on lender
For more information on selling your property quick through a short sale, call Beach Realty Group at 843-267-4627. We will analyze each situation, and formulate a plan of action.