How to Short Sell Real Estate: Avoid Foreclosure and Bankruptcy

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SHORT SALES
Short Sell Delinquent Properties & Avoid Foreclosure/Bankruptcy
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SHORT SELL PROPERTY – AVOID BANKRUPTCY/ FORECLOSURES
We will be looking at
What is Short Sales
Benefits of Short Sale
Procedure for Short Sale

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WHAT IS SHORT SALE
Short Sales is a process where the lender discounts the current mortgage
allowing new buyer to buy the property at a discounted rated directly from the
lender and freeing the seller from any outstanding mortgage.


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BENEFITS OF SHORT SALES
Eliminates all mortgage liabilities
Less paperwork
Reduces credit points
Requires short time to complete
Allows buying new property immediately
Less monetary obligations compared to foreclosures
Can avail short sale while current on mortgage payments

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PROCEDURE FOR SHORT SALE
Evaluate market value of property through market analysis
Get legal & real estate advise from renowned broker
Arrange for relevant documents
Find a lender & buyer
Follow & Complete lender procedures
Strike an agreement with buyer

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GENERAL DOCUMENTS REQUIRED
2 years tax return
Recent/Last Payroll Slip
Hardship Letter
Current Mortgage Papers
Financial Statement
Market Analysis Statement
2 months bank statements
HUD-1 preliminary net sheet etc..

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HARDSHIP LETTER
Hardship Letter
Hardship Letter
Most important aspect of Short Sale, where seller makes a case of his/her hardship.
An authentic & well-built letter that specifies reasons for not being able to pay
mortgage payments and convinces lenders why it is better to short sell the property
on discounted rate than foreclosing.


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SUMMARY
Short Sale is Better than Foreclosure & Filing Bankruptcy
Easy and Less Time Consuming Procedure
For Prefect Deal Speak to more than 1 Buyer/Lender
Provide Genuine Information
Research on Procedure, Financial Obligations Prior to Applying