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ShortSale.Wexzilla.com is the premier source for information on short sales, short sale issues like potential taxation , earnest monies and the short sale addendum.
Futher, ShortSale.Wexzilla.com has daily listings provided by independent brokers of bank approved short sales and lender owned properties for sale.
Keep in mind many of the short sales that are listed on local MLS systems as ‘Short Sales' have not been approved.
The agents at shortsale.wexzilla.com are the best in the business in helping sellers get through the emotionally trying process.
Further, its buyers agents are savvy with negotiating and working with bank asset managers to get a positive response quickly.
Here what is typically required for either sellers or buyers who hope to get their Short Sale offer accepted.
A very streamlined list & explanation) for your Short Sale process
Call the lender and speak with someone in the short sale (or appropriate) department They will generally want a written request with your personal information· Estimated Net proceed sheet - estimated sale price minus estimated selling fees (escrow officer can help) if Short Sale offer gets accepted A Hardship letter with supporting financials (Bank Statements, tax returns, paystubs, etc..)· Listing Agreement / Purchase Agreement Not all lenders will accept short sales / discounted payoffs.For further information Contact
James Wexler (480) 221-8080
Daniel Wexler (480) 200-9097
Jason Mitchell (480) 285-9202
There are a variety of Real Estate terms like, HUD, REO, Dual Agency, SPDS (seller disclosure), Pre-Foreclusure and countless others, .
Short Sale seems to be the phrase du jour .... And I am always asked,
What does a ' Short Sale ' in Real Estate mean ??
Simply put, a real estate Short Sale means the lender is accepting a lesser amount as a payoff than the total amount of the loan due.
Why??? ....Well, a seller has an opportunity to sell the house, possibly salvage credit (seller still cannot have late payments) , and potentially avoid bankruptcy, ....
And, the lender, removes the mortgage from their portfolio, writes off the loss, and avoids a trustee sale for a lesser amount or possibly does not have to take ownership in their REO (Real Estate Bank Owned) inventory (is not, though for many is fast becoming a business model)
Here's what is typically required for either sellers or buyers who hope to get their Short Sale offer accepted. (a streamlined list & explanation) for your Short Sale process
Call the lender and speak with someone in the short sale (or appropriate) department They will generally want a written request with your personal information· Estimated Net proceed sheet - estimated sale price minus estimated selling fees (escrow officer can help) if Short Sale offer gets accepted A Hardship letter with supporting financials (Bank Statements, tax returns, paystubs, etc..)· Listing Agreement / Purchase Agreement Not all lenders will accept short sales / discounted payoffs.In fact, many of the short sales that are listed on local MLS systems as ‘Short Sales' have not been approved. I hear stories often of buyers who have put in full-price cash offers on supposed short-sales that are not accepted by the lender as they have not been approved.
Finally, there are some (typically negative) tax consequences to selling in a ‘Short-Sale', so
consult your CPA or tax expert before you take the step to sell short.
For further information Contact
James Wexler (480) 221-8080
Daniel Wexler (480) 200-9097
Jason Mitchell (480) 285-9202
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Copyright © 2008 By Wexler, All Rights Reserved. *What is a Short Sale ?*
Contact Wexzilla (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
ShortSale.Wexzilla.com is the premier source in Greater Phoenix for Short sale Listings &information on short sales, short sale issues like potential taxation, earnest monies &the short sale addendum