August 28, 2017
What happens to my second mortgage in a short sale? Many of our Connecticut short sellers have multiple lien holders – most commonly in the form of a second mortgage. In order to be able to sell the house, all the liens against the property must be addressed so that clear title can convey to the buyer.Most
August 28, 2017
Not all short sales are completely “free”. While closing costs are generally covered by the lender, sometimes and lately more often, the lender will in fact ask the seller to contribute to the short sale in the form of cash or a promissory note in order to approve the short sale.You may in fact agree
August 28, 2017
Most of the time short sales end up costing the seller nothing. Periodically though, the lender may ask the seller to contribute to the short sale in either the form of a cash contribution at closing or an unsecured promissory note payable after closing.The odds of being asked to contribute cash increase when:The property is
August 28, 2017
In a successful short sale a lender accepts less than what is owed on the mortgage so that the homeowner can sell their home at market value. While there is no “short sale” credit mark, the usual result is your mortgage being marked on your credit as “paid for less than full balance”,”settled for less than owed”
August 28, 2017
If there’s no equity in the home, how do realtors get paid commissions in a short sale?You know what my favorite part of every short sale appointment is? It’s when the seller asks me what my services will cost them, and I get to tell them…DON’T WORRY ABOUT IT!Nearly 100% of the time short sellers have
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