This kind of escrow involves selling the real estate property less than it is actually worth. Usually this is not the decision of the homeowner alone to make, but also the Lender which they bought the property with. In the event that the lender is ready to take any amount of equity in the property, then it is permissable to sell the property. In some cases, the seller of the house will not get any amount from the overall sale. In most cases, the Lender will not accept the owner of the house to have any amount after the sale too.
But why go through a Short Sale? Here are some reasons actually that can make you do this: First, it does not negatively affect the credit history of the Lender. Secondly, it is always a cheaper alternative. Thirdly, it will also be slightly easier for the seller to get another mortgage after the short sale. Lastly, it is possible to get another loan after the sale immediately after that transaction is closed instead of having to wait out four years to pass over for your credit history to improve. Some of the aspects of the transaction that we handle are:
- Full Transaction Management Service
- Prompt communication between all the parties that are involved in the transaction
- All Instructions of the Short Sale Process are documented
- All parties have to be constantly informed of the progress of the transaction and whenever there are any changes.
- In the event that there is a payment that is done, a receipt has to be issued to the party that has paid
- The money that is used for the entire process has to be accounted for
- Any instructions that are issued have to be executed at the right time
- The Settlement Statements have to be prepared on time
- The company issuing the Title has to be instructed to do any documentation on time too
- All the documents that are needed for the transaction have to be obtained on time
- Any Payoff Demands have to be secured on time too
- The full amount of money must be received for the transaction to complete