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Short Sales

Dan Gallagher, Mortgage Consultant, Met Life

Are you worried about a short sale for your home? Concerned about all the horror stories about financing for your buyer? Dont be. It really isn't that difficult. Two things to know about short sales are that they take time and the buyer coming in as well as the seller has to stay in constant contact with their mortgage providers. Most mortgage commitments are good for 90 days which really isnt long enough to get most of these deals closed. The buyer will be asked to freshen up old documents (paystubs, bank statements etc. ) periodically as the deal drags on.The seller will need to send in the packet provided by their lender with all papers in order. This is the normal process. It also and gets the buyer more time to close. The mortgage lender must also counsel the buyer to basically freeze their financial life during the process. That means no opening of new credit accounts, limiting movement of monies in bank accounts and even changing jobs, without first discussing any possible changes with their loan officer to avoid jeopardizing the mortgage commitment. If you have a knowledgeable REALTOR working your transaction for you, they will be on top of the process and advise both sides if the sellers lender requires additional information from the buyers.