6 Important Realities about Short Sales

1. Short sales don’t happen overnight. They generally take a longer time to close than a traditional closing. You should expect 3 – 6 months on average.
2. This is not a DIY! You will need a team of real estate professionals, each of whom fully understands short sales — from the lender to the realtor to the title company.
3. Rock bottom offers can slow down the process.
4. Take extra precautions with the inspection, as potentially serious maintenance issues may not have been readily revealed. These issues need to be made known to the lender.
5. Make sure the realtor representing the seller can and will provide all the information needed by the lender, such as a hardship letter, a list of any liens against the property, proof of assets, proof of income, and fair comps.
6. Check out the terms of the property’s current mortgage insurance. The mortgage lender must consent to the short sale and may or may not cooperate.

Read the full article here https://lonerganlawblog.wordpress.com/2016/10/14/first-blog-post/