Short Sale Requirements
Short Sales are Win-Win
Protected several ways in the process
Who Qualifies for a Short Sale?
Homeowners Who Are…
Upside-Down: Owe more than property value In Default: At least 30 days past grace period Experiencing Hardship: As defined by
Steps in Short Sale Process
Short Sale Package
What Price Will the Bank Accept?
The single most-important factor is the CMA or Appraisal.
Banks can discount the pay-off on the loan to a % of the property’s appraised value, depending on the type of loan. For instance
FHA loans: Insured at 82% of appraised value VA loans: Insured at 88-91% of appraised value Conventional loans: 85-92% of appraised value