Date Published: 2021-07-26
When we talk about short sale, we refer to your property sale for less than what you owe on your mortgage. This kind of sales are made when the owner needs to pay off their mortgage debt.. However, you must comply with certain aspects to qualify for this type of sales, which are:
1- Your debt must be greater than the value of the property.
2- Have at least one payment of your past due mortgage.
3- You have to certify that you can not meet the payments.
Now, if you want to buy a house with these characteristics, it is necessary that you first find an owner who wants to sell in these conditions before going to the bank. In addition, it is important to explain to the owner of the house three things:
On the other hand, it is necessary to speak with the owners about two points of utmost importance before taking the proposal to the bank.
In addition, you must take into account that it is necessary to meet two objectives so that the negotiation with the bank is satisfactory.
This article is made for informative and divulgative purposes. For this reason, it is important that before making any decision, visit or contact a certified specialist in the field, since the opinion of the expert is the one that should be considered.
It is important that before starting with the procedures to buy a house you are well informed about the financing processes, in order to avoid possible scams ...
Brief and simplified explanation of the property purchase process:
It is important to know where to buy, the area and its benefits. However, to select the right location it is necessary to know the budget we have. As a Real Estate Agent, I can assist you in every step of the way during the selection of the area.