|
Frequently Asked Questions & Answers
- Once I decide to list my
home, how long does it take for it to sell ?
- Can I stay in my home
while it is for sale?
- Why should it matter to me
how much I get for the house when I can't receive money at closing?
-
Why do I have to give the lender so much financial information?
The length of time it takes to sell the home depends
on the initial price offered compared to other properties on the market.
We provide a comparative market analysis or CMA of your home to
determine the price and estimated time to sell.
Yes, it is preferable for you to stay in your home and
keep it well maintained. This adds value to the property and
usually brings a higher price.
The lender is not obligated to reduce your mortgage in
an effort to help the house sell. They do it to cut their
losses. The more money they receive for the home the less the
deficiency. If you wait too long they may opt to foreclose and
this is really bad for your credit.
The lender has to be convinced to accept a short sale
on the property. In order for this to happen they want to make
sure they have to do the short sale. To make this decision the
lender asks for financial documents from the borrower to make sure they
do not have the means to pay the mortgage (s) or is financially unable
to do so. If the property is upside down the lender also has to
consider the losses incurred to release the property for sale. So
a borrower might ask "Why go through all of this hassle? The
answer is to better their recovery time. Get the problems behind
you and just move on...
No one really knows how long this economic recovery is
going to take. Each persons situation is different in that they
just simply may not be able to hold on any longer. In that case,
consider you options today based on your own economic situation.
|
