A Look at Short Sale Proposal

Take a Look at Short Sale Proposal. Short sale is very common among the sellers who have come across it which helped them to save them foreclosure. You are required to write a proposal for it. If you play smart then you will really call for real estate agents and hopefully he will guide you through the whole process.

What a short sale proposal is really about?

Foreclosing a property is really a great disadvantage on much account. You will realize that it’s always better to avoid it. You will have to go for short sale if you want to avoid it. You will have to prepare a proposal which you will have to present to the lender. Make sure that you write the proposal carefully otherwise there’s more probability for your proposal being rejected by the lender. You can take the help of real estate agents.

You are required to know the exact price of the property in the market. You can take help of the real estate agents who can guide you in knowing the exact price of you property. If you find that the price is good enough then you should not worry. But if you find out that it is less and you also financially find yourself to be inadequate then you can really ask for short sale.

Any way if you decide to go for short sale then you will have to provide the proposal. You will be required to provide authorization letter, signed documents by both buyer and you. However if you prefer to buy the short sale property, then you will have to contact the lending company. In this case also you are required to put forward a proposal which will also contain authorization detail and the signed document by both seller and you.

I would not like to confuse you should keep in mind that you will have to put forward proposal both as seller and buyer. I think you got the point. Let’s suppose you are buyer and is contacted by the seller facing foreclosure. You will have to make sure that you provide the lending company with the document signed by the seller that he is ready to sell the property as a short sale. You should also let the lender know that why the seller has decided to sell the property and his financial position as well. You should be ready to par a large amount as a down payment since the lender will again never want to have a buyer who is suffering from financial crisis. The lender will not even think of your proposal unless and until the seller is 90 days in arrear in their mortgage period. However a smaller loss is better for the lending company than the big loss in foreclosure.

Share this article:

Leave a Comment