The Real.Est List
Are you short-sale material?
A few weeks ago The Apple, Peeled took a look at where and why the number of "short sales" (a sale in which the bank accepts less than the mortgage balance) might be increasing. Now they've put together a list of things to know before attempting a short sale: You must be behind on your mortgage and/or the value of your property must have significantly declined; have a broker find comps to demonstrate that the proposed sales price is commensurate with the current market value; compose a "well-written hardship letter" detailing your unfortunate change in circumstances; move quickly enough so your buyer doesn't balk. Sound challenging? Just remember that your credit scores will improve much faster with a short sale than a foreclosure. (The Apple, Peeled)