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In a previous study, CoreLogic – which conducts a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan. executed sales contract and requests a short sale prior to Chase sending an SSN.
But hold on. Won’t underwater homeowners who qualify for the upcoming short-sale program be fundamentally different? Won’t they have solid mortgage payment histories despite being underwater? Why.
The seller must first obtain a sales contract in order to be considered for the program. To protect the seller’s interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.
A short sale in real estate is not always a pleasant transaction, but short sales have come a long way since 2006, so don’t sell the concept short. Our present economy does not mean that short sales have gone away. For example, a person who bought a brand new home could die the day after closing, and the costs of an immediate sale could throw that transaction into short sale status.
Buyers who pursue short sales firmly believe that it will present them with a good deal. Before jumping on a home you see listed for a price you think is too low for the neighborhood, ask your agent to call the listing agent to find out if the home is a short sale, because you might want to think twice about making an offer on a pre-foreclosure, short sale home.
Mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan application pending.
Those are all legitimate choices. The transaction becomes a "flop," however, when Harry gets greedy. mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan application.
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Short sales are now a hefty part of the real estate market. Short sales are the process of selling a home for less than the stated mortgage balance. The process unfortunately has allowed a tremendous amount of fraud to occur and with more purchases going through the short sale route, this is simply another concern potential buyers must be aware of.