Frequently Asked Questions In A Short Sale Part 1

Frequently Asked Questions In A Short Sale Part 1

Image title


When it comes to short sales there is a lot to discuss, so I am going to do it in 2 parts. 


Q: What is a short sale?

A: -A short sale in real estate occurs when the outstanding loans and cost of selling are greater than what the property can be sold for. Short sales are a way for home owners to avoid foreclosure on their homes and still be able to pay off their loan by settling the debt with their lender.


Q:  Why is it called a short sale?

A: Surprisingly this is a common question. The ‘short’ in short sale does not refer to the time it takes to complete a short sale.  It actually refers to the lender(s) taking a ‘short pay off’.



Q How long does it take to do a short sale?

A-There are several stages to the short sale process which differ from lender to lender. The time it takes to complete a short sale transaction on the agent and the lender. The listing agent is responsible for navigating the process with the lender. Our average process time from start to finish is 3-4 months.



Q How Do I qualify for a short sale?

A- Your first step should always be to contact your real estate agent. Lenders vary in their requirements, but an experienced agent will know what your lender requires.

However, most lenders require the following:

  • Your payment is delinquent or is about to be.

  • You have a qualifying hardship.

  • You have no other major assets.



Q How do I begin a short sale?

A- Find a realtor that specializes in listing and processing short sales (This is SO important). The real agent you choose can make or break a short sale, you don’t want them learning the process along with you, especially if you are in foreclosure.  That agent will know how to ‘initiate’ your short sale and begin the process with your lender.



Q- How much does it cost to do a short sale?

  • Nothing. As a seller you should not be charged anything in a short sale. The lender will pay the realtor fees and all closing costs.


 

Look out for our next blog with more answers to your questions! If you have additional questions you don’t see here regarding a short sale, feel free to email us! [email protected] or 972-832-2755 . We would love to help.




Nicole Espinosa Headshot
Author:
Phone: 972-832-2755
Dated: October 7th 2015
Views: 1,667
About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

How Much Does Buying a Home Cost? - Last week I spoke about the
Don't get trapped in bidding for the Home you love....... - With the current market situation
3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC] - Some Highlights:Setting up an
10 Staging Secrets - 10 Staging Secrets from the

Our Bloggers

(Allen) Mehrdad Solhjoo - 4
Alan Oliver - 7
Alisa Simmons - 1
Amber Johnson Oputa - 11
Amy Jo Saenz - 3
Ana Cantu - 1
Andrea Trimble - 55
Angela Taylor - 1
Angela Cotten - 100
Ann-Marie Pope - 2
Annette Bruen - 47
Ashley Lambert - 1
Audra Young - 1
Belinda Duff - 5
Beth Herr - 1
Beverly Bryant - 24
Bob Cardillo - 4
Brittany Duey - 1
Bryce Smith - 5
Candace Mozingo - 1
Candie Hernandez - 10
Cara Balderas - 73
Chad Gabriel - 58
Christina Gonzalez - 5
Christine Shannon - 30
Christine McGinnis - 1
Christopher Evans - 1
Chuck May - 1
Clint White - 2
Comprar Casa DFW * - 4
Dakota Joyner - 9
David Darty - 1
Debbie Zurita - 17
Debbie Viverito - 132
Diane Velez - 18
Drew Spears - 6
Edwin Liddie - 1
Erica Taylor - 54
Eunice Pettaway - 1
Eva Duffy - 8
Felicia Johnson - 79
Gary Hutchings - 20
Go 2 Girls Realty - 173
Greg Cunningham - 2
Gregory Cornett - 2
Heather Feragotti - 8
Holli Paddio - 3
Hunter Howard - 1
Jamie Brannagan - 2
Jason Todd - 24
Jemi Khan - 26
Jenna Stanley - 9
Jennifer Flynn - 9
Jennifer Boyd - 2
Jessica Boozer - 18
Jill Elliott - 99
Jimmy Hanks - 1
John Priestash - 60
Judy Tapscott - 2
Julian Taylor - 17
Julian Dozier - 4
Julie Nicholson - 10
Julie Cash - 2
Justin Blackburn - 1
Karla Terrell - 2
Kaysone Orlando - 1
Keisha York - 30
Kelley Stubbs - 3
Kelly Rumney - 9
Kevin Taylor - 16
Kristen Henderson - 16
Kristine Edens - 3
Laneal Ernest - 9
Larry Frassinelli - 6
Leah Ecob - 15
Leigh Klotz - 5
Linda Scardis - 4
Lisa Carroll - 3
Lisa Cardillo - 53
Lucina Cervantes - 11
Marcos Garza - 1
Maria Lopez-Jones - 1
Mark Mulch - 19
Mark Fischer - 2
Marla Johnson - 1
Martina Worley - 2
Mary Taylor - 15
Melisa Crooks - 1
Melodie Sulgrove - 1
Michael Chatman - 2
Michele Thompson - 6
Mimi Rader - 1
Missie Craig - 12
Moira Brunken - 18
Monica Solkhon - 1
Naddia Morales - 10
Nick Walton - 79
Nicole Espinosa - 27
Nikki Okpuzor - 3
Olivia Borowski - 1
Rachel Walsh - 2
Ramon Bermudez - 4
Rene Sinclair - 27
Rhonda Borgne - 1
Richard Mikus - 1
Rodrigo Sotomayor - 16
Rosalia Tejeda - 1
Roxann Hailey - 4
Sandy Setliff - 225
Sarah Uber - 5
Sarah Dieter - 9
Sean Moniri - 21
Seana Taylor - 217
Shalee Garza - 10
Shelby Smith - 3
Shelia Randolph - 33
Spring Weeks - 9
Stacy Lynn Massar - 27
Steve Murray - 1
Susan Florsch - 12
Tami Bennett - 45
Tammy Gill - 1
Teneka Ray - 1
The Doyle Team * - 5
Tim Stoll - 52
Timothy Taylor - 1
Timothy Gilliam - 2
Trenton Johnson - 15
William Hurd - 3
William Graves - 5
Wilma Goodwin - 2

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448
0