The “Longer Version” of “Short Sales” part 2…
“Short Sales” can be difficult to complete and are quite confusing for buyers and sellers…Here are 10 important points for you to understand:
1.] All people on the title must sign the sellers package.
2.] A hardship must be demonstrated for the lender to accept a “Short Sale” package.
3.] Once you get your notice of default, you have a limited amount of time before it goes to a trustee sale. In Nevada it is 3 months and 20 day after the notice of default was filed,then the trustee commences usually within 30 days after that period.
4.] A “Short Sale” is simply another workout option similarly to a loan modification or a forbearance.
5.] If you are in bankruptcy, it will delay selling your home and you will need the courts approval.
6.] You typically must be behind on your payments to qualify for a “Short Sale”, as this demonstrates hardship.
7.] It is a good idea to seek the counsel of a qualified real estate attorney and/or a CPA to understand any legal or tax ramifications.
8.] Make sure your real estate agent is aware of any liens of any kind against the property. The more liens against the property, the more difficult it will be to sell the property.
9.] Make sure you keep your HOA dues paid as they are in first position even over your mortgage.
10.] Keep your property looking good. This will help sell your home faster.
Understanding the ins and outs of “Short Sales” makes your decision easier and more Empowering. It is also important to be careful and choose the best real estate agent to represent you. We will discuss this in our next post…Be Empowered.
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Being an entrepreneur has given me a deep appreciation for individuals who are success oriented and never give up. The drive to always “push through” is a trait of successful people.
I have been fortunate to associate myself with many successful individuals over my life. It began with my father who instilled in me the ability to step outside of the box…to create something out of nothing. He taught me the importance of integrity in business...traits that I have incorporated into the various business models I employ.
I spent the first ten years of my career in the medical field. I worked side by side with amazing individuals who put their own self-interests aside in order to nurture others back to good health. Many times I witnessed life and death situations. It was always humbling to experience the team-work that evolved around trying to save a lives.
As my career path evolved into the business world, not only could I bring those experiences into my persona, I saw a need to spread information…real information for real situations. A close friend of mine began to mentor me in aspects of blogging. He has given me incredible insight into how a blog should be developed…how to focus my passion for helping mentor people to becoming successful entrepreneurs. This passion for mentoring others began when I was a young child and continues today. It is not about me, but rather those who have influenced my life.
I am a work-out addict and a real “ski dog”. Sorry guys and gals…I do not “ride”. I live for deep powder and steep chutes. I love the feeling of looking over the edge of a steep run…feel my heart beat faster with that adrenaline rush and then “jump in”. I love golf…but I always wonder if I will ever break 100…lol! Most of all, I love my wonderful family…they are the best! Thanks for stopping by and I hope you feel empowered today.
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Martin Casper
