Category Archives: Short Sales

Short Sale Repair Cost Estimates

When considering a short sale the lender must take into account the current condition of the property. If the property does not sell at foreclosure sale they will be left with the property and the decision to repair the property or to sell the property at a discounted price. As a general rule lenders do not like to invest money into REO’s and do not want to sink more money into repair costs. Continue reading Short Sale Repair Cost Estimates

HUD 1 Settlement Statement

With every short sale package the 1st and most 2nd lenders will request and estimated Settlement Statement showing how much they are going to receive from the short sale. The two things the lenders are most interested in is

1) how much are they going to receive and

2) that the seller does not get any money.   Their position is simply this: We’re taking a loss on the loan so the seller better not get anything. Continue reading HUD 1 Settlement Statement

Do I Need A Real Estate Agent

A real estate agent is NOT needed for a short sale. The sad truth is most real estate agents will unknowingly hurt you in a short sale because they do not know or understand the short sale process. Just by reading the information at this website your knowledge is superior. Unless a Realtor is already involved in the transaction you’re better off without one.

Continue reading Do I Need A Real Estate Agent