Call now 704-405-0634 or 866-373-0917 for a FREE SHORT SALE CONSULTATION for CHARLOTTE NC SHORT SALE and surrounding areas. Contact us at SHORT.SALE@CAROLINASMETRO.COM
Charlotte NC Short Sales - Charlotte Short Sale - Charlotte Short Sale Specialist
What is a short sale?
A short sale is a real estate sale in which the property is sold for less than the owner owes on the mortgage or loan. It typically occurs when a borrower cannot afford to pay the mortgage on their real estate property. The bank or mortgage lender then decides to sell the property at a discount instead of proceeding with a foreclosure. The proceeds of the short sale go directly to the lender.
Short Sale Process - Short Sale Step by Step
1. List the property on the market. It is recommended to use a Charlotte NC Short Sales Specialist to list the Charlotte NC short sale.
2. You(the seller) and the short sale agent begin preparing a short sale packet that contains financial information. This package includes:
·Letter of authorization
·HUD-1 or preliminary net sheet
·Financial Statement
·Hardship Letter
·2 years of tax returns
·2 years of W-2’s
·Payroll Stubs
·Previous 2 months bank statements
·CMA – Comparable Market Analysis
3. Accept an offer from a buyer for your short sale property.
4. Your short sale agent submits the short sale to bank or lender.
5. Your short sale agent verifies that the bank or lender received the short sale submission and assigned a loss mitigator to the sale.
6. Lender orders a broker price opinion (BPO) and appraisal.
7. Your short sale agent negotiates with the lender and try to get the best terms for your short sale.
8. The lender accepts or denies approval of the short sale.
9. If approved, the closing process of the short sale begins.
10. Finally, it is time to sit back and relax! You have sold your property as a short sale and prevented all the consequences that come along with foreclosure.
**The short sale process can vary from lender to lender, but this is an outline of the basic step by step short sale procedure.**
Quick Facts – Short Sale Facts
Short Sale is usually faster and less expensive than a foreclosure.
You may be eligible to buy a home after 2 years of the short sale versus 5 years after foreclosure.
FICO score normally drops 50 to 130 after a short sale versus 200 to 400 after foreclosure.
Some lenders do not report short sales to other lenders.
Your job application may be denied if you have a foreclosure on your record.
Banks are not willing to negotiate deficiency judgments after foreclosure, but they are typically willing to after a short sale.
Loan applications do not ask if you have participated in a short sale. However, loan applications do ask if you have ever had a foreclosure.
You might be able to postpone foreclosure if you file for a short sale.
Need more information on short sales? Contact us at short.sale@carolinasmetro.com
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Click the following link for a list of short sale properties in the Charlotte NC area.
Click the following link for a list of foreclosure properties in the Charlotte NC area.
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