Frequently Asked Short Sale Questions
Below is a list of Frequently Asked Short Sale Questions that we have received from current and past clients. If you don’t see your question listed, don’t hesitate to give us a call at 702.376.0088 or complete our contact form.
Do I have to be behind on my payments to do a short sale?
Usually a lender/bank will not look at a short sale application unless you are behind in payments but it does depend on the lender/bank. Some want an applicant to be behind prior to the home closing, so as long as one payment is missed prior to a short sale approval letter being issued they’re usually fine with it.
Can I do my own short sale?
Most lenders/bank require that a professional REALTOR be involved to handle the short sale transaction.
Who else should I talk to about doing a short sale?
We recommend that you speak with a real estate attorney and an accountant. There are legal and tax ramifications involved with a short sale. As a REALTOR, we cannot give professional advice in these areas.
I think I need to do a short sale on the home in which I live. How long can I stay there?
We recommend you begin the preparations to leave and not plan on staying right up till the sale of the home. There are no guarantees the lender/bank will accept the short sale offer and if they move forward with the foreclosure, it can cause unnecessary stress for you and your family. Also, most homes are more difficult to sell with owners or tenants present. They usually limit the showing times and do not keep the property in prime showing condition.
Check back often as we continuously update our Frequently Asked Short Sale Questions.