Not having a backup plan

Though a short sale is classified as the sale of a distressed property, the home typically remains occupied by the primary resident up until closing. This means ... Jun 5, 2013 ... WASHINGTON, DC – Fannie Mae (FNMA/OTC) introduced a new tool to help real estate professionals successfully close short sales. A short sale is the sale of a property for less than the total amount of the loan. This type of sale is completed with the lender's cooperation. Feb 5, 2025 ... The short sale process is a settlement alternative to foreclosure. A homeowner faced with losing their property may sell the home for less than the outstanding ... Feb 27, 2011 ... Short sales are very time-consuming. They require a lot of Paperwork, a lot of phone calls, a lot of negotiating, and a lot of knowledge. Jun 5, 2020 ... Qualify the Property and Seller for a Short Sale · The seller must have no equity in the home. · The seller must be unable to repay the difference ... Mar 26, 2024 ... How Does Short Sale Work? · The homeowner cannot make mortgage payments on the home. · The homeowner contacts their mortgage company to explain ... Nov 29, 2023 ... A short sale occurs when a homeowner sells their property for less than the remaining mortgage balance, and the mortgage lender agrees to accept ... The Short Sales and Foreclosures course is specifically designed to show how you, the real estate professional, can serve as a resource for sellers and buyers. In a short sale, the bank will work with you and a realtor to ensure that it gets as much money as possible out of the sale. The benefit to the homeowner is ...