A short sale is a process of selling real estate for less than current mortgage balance. It occurs when the owner of the property is unable to make payments to the loaner as per the loan agreement and there is no other option left for the borrower but to sell it.
Let's understand the process. The process of fast house sale starts by contacting the money lender (in most cases, a bank that has given you money for purchasing any estate) to communicate about the possibility of the short sale.
The owner needs to hire an agent who will represent you in this process. You can hire a real estate agent or a lawyer who has experience in handling such kind of matters. The professional will help to make accurate assessment regarding the value of the property. Market value of the building is usually evaluated by comparing it to the houses located in that area & properties that have recently been sold in that domain. For accurate price evaluation, agent needs to do comparative market analysis.
After completing the assessment, your agent will advertise the estate for selling. Property owner needs to issue an authority letter to the buyer that allows revelation of personal information about the building.
On receiving an offer from a potential customer, you need to take it to the bank (loaner). The lender may ask you to pen point hardship letter that contains detailed information about your financial difficulties. The main purpose of this procedure is to authorize the borrower’s situation by examining his investment accounts, bank statements, receipts and other financial records.
After examining the financial situations of the borrower, the condition of the assets and its market value, the loaner can contact with the real estate agent to obtain exact information about the price. Above all, property owner has to be patient during the whole process because it may take some time for the successful completion of the process.
After the complete process, a sales contract with selling amount of the house is sent to the bank is signed. On completion of the whole procedure, it now resides on the lender who has to decide whether to exempt any remaining liabilities on the borrower or not. The lender may settle only for the money received from selling the house and thus the borrower needs not to pay the exact sum of money borrowed at the time of buying the house.
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