Sure you heard about short sales helping you owe less than you originally received a loan for, but have you heard about getting more money out of the deal? Read the article below to find out how you can gain money from your short sale. Read it all below.
Get Paid to Short Sale My Home
Thats right people! you can now actually make money at closing of your home even if you owe more on your home than its worth.
Currently banks are offering anywhere from $ 2500 – $ 35000 at closing for homeowners that have a legitimate hardship, can no longer afford their mortgage payment, and are willing to perform a cooperative short sale with the bank.
How do I Get Paid to Short Sale My Home ?
Its pretty simple actually. If you have a legitmate hardship in your life that has caused you to not be able to afford your mortgage payments anymore then you will more than likely qualify to get paid to short sale . You simply contact your bank or lender and let them know about your situation. They may have a few hoops to jump through but that is to be expected.
You will probably have to fill out a few forms and send in a “Hardship letter for short sale” as well as some financial information that proves you can no longer afford to make your mortgage payment. The bank may offer to refer you to a trusted real estate agent that can help you perform a short sale of your property but it is always up to you to pick the right real estate agent to perform your short sale and help you through the process.
Once you have the right real estate agent picked out, you will sign a listing contract with the agent and then the agent will be in contact with the bank to schedule an appraisal of the home. The bank should always cover the cost of the appraisal.
Once a value is set on the home the bank will allow the real estate agent to begin marketing the property to try and find a buyer for the home. During this marketing period you may notice that people are coming by once in a while to take a couple photos of the home or the bank may actually call you and let you know that an additional real estate broker will be coming by to take interior photos of the property.
This is what is known as a BPO (Broker Price Opinion), the bank wants to know during all stages if the home is rising or falling in value, the bank also wants ot know if the interior and exterior of the home is being kept in as good as possible condition. One of the stipultions of the get paid to short sale your home programs is that the homeowner is to keep the property in good shape throughout the entire short sale process.
A homeowner can expect that after the sale and final documents have been signed an additional real estate broker or real estate appraiser may be sent back to the property to verify that the home is still in good shape.
There have been reports of homeowners completing a short sale and coming back in the night and removing fixture, tile, sinks etc. (anything they could sell) so rest assured you will not get a dime from the banks if you plan is to deface the property at all.
There are certain guidlines that must be met in order to get paid to short sale your home and not all homeowners will qualify. It is always best to consult with a licensed real estate agent and or loan modifiaciton specialist prior to starting a short sale process.
Article by Bob Davis
Bob Davis is a licensed real estate agent in Orange County, Ca. if you would like more info about the above article please visit www.FacingForeclosureOC.com