OUCH!! There are a TON of properties on the market right now. On the MLS, the Multiple Listing Service, there are over 27,000 Single Family, Townhouses, and Condos on the market. That’s not including new homes! Out of those 27,000, over 3,000 are short sales. What the heck is a short sale you ask? The best way to describe it is with an example.
is valued at $300,000
Loan amount: – $350,000
Amount of Loss= -$50,000
If your property is worth less than what you owe to the lender AND you have to sell, you must contact your lender and start the short sale process. They are going to allow the sale of your property at their loss. This process can be a little tedious and drawn out. Like anyone, a lender doesn’t want to lose money. They have to approve the sale of the property. Most of the time, a lender will require a letter of hardship, financial statements, an estimated HUD statement, and various other documents. It’s important to get a realtor or a lawyer to help you with the paperwork. If you have any questions, please email me at firstname.lastname@example.org or call me directly at 702-683-2169. Thanks