There is nothing short about a short sale… it’s all long!

Some seller’s wait till there is an offer to start the short sale request.
Don’t wait, if your current market value is well below your current principal balance waiting to request a short sale will un-necessarily delay the sale.
If your Realtor tells you that the likely selling price is in a range that you know you will have a deficit (and you don’t have the funds to pay off the difference at closing) you need to shed your embarrassment and be honest from the start.

Why do short sales take so long to complete?
Your FDIC insured lender is required to review the sellers’ financial picture; they must determine if they can recover some if any of the shortfall from the current mortgage holder. This review (lenders due diligence) has added a huge holding pattern to the normal resale process.

What is the lender going to be looking for prior to selling?
A complete financial statement, Tax returns, A list of current assets, W2’s pay stubs, bank statements, current employment and a letter requesting the short sale listing any further hardship issue that affect your ability to pay off the note. If it’s been determined that you have other assets to pay off the note the lender may require an interest in the other assets, or require you to liquidate additional assets to affect the balance of the pay-off. After an offer has been made what will they want?: a copy of the sale contract, listing agreement and an independent appraisal may be requested.

How much time is typically needed to complete this transaction?
A request for a short sale can add up to 8 weeks to the process, so a normal 30 day closing can easily become a three month closing…or with the current appraisal market maybe even 4 months. The best thing a seller can do before even listing the property is contact their bank and start the process. The seller should determine if they qualify for a short sale before they enter a sales contract, or at the very least make sure your Realtor, make the sale conditional upon lenders acceptance of a short sale status.

Completing your due diligence prior to listing will make the sale far less painful for all the parties involved or potentially involved in the transaction.

STEVE LOYND
steve@alpinelakes.com
Your White Mountain Real Estate Expert!

New Hampshire Named Safest State in the Nation For Second Year in a Row

After reading the following Press Release from a March 24, 2009 no wonder I have always felt safe growing up in a state where you can leave your doors to your homes and vehicles unlocked and felt peaceful while being able to go for walks in your neighborhood at night. I too want to thank my neighborhood law enforcement for EVERYTHING they do to keep us safe.
-Bobi Bigelow


New Hampshire Named Safest State in the Nation For Second Year in a Row

CONCORD - CQ Press has named New Hampshire the “Safest State” in the nation for 2009, the second year in a row the state has been recognized as the safest state.

New Hampshire again boasts the nation’s lowest murder rate and the second-lowest rates for aggravated assault, according to CQ Press.

“I am proud that working together we continue to keep New Hampshire the ‘Safest State’ in the nation. Our low crime rate has long been a part of what makes this such a great place to live and work, and it is important that we work to maintain our high quality of life,” Gov. Lynch said.“ “With this recognition, we should take time to thank the hard-working men and women of New Hampshire law enforcement who work every day to help keep us all safe.”

Gov. Lynch has made public safety a priority since becoming Governor. Gov. Lynch has worked with the Attorney General, police chiefs from across New Hampshire and lawmakers to better protect children by passing one of the toughest sexual predator laws in the country; increased the state police; and increased the number of state prosecutors.