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“Short sales” are homes on the market listed for a price lower than the amount needed to satisfy the lenders who hold the mortgage(s).
If you MUST sell your home because you simply cannot afford the mortgage payment, be sure you find a short sale real estate expert. This real estate expert must be able to contact your lender on your behalf to make advance coordination for a short sale.
Many lenders to do not “pre-approve” a short sale price, but an experienced real estate agent will be able to guide you through the steps necessary to determine a fair market value.
Some real estate agents will also provide an appraisal to the lender to validate their or another Broker’s Price Opinion/Broker’s Market Analysis. (Most lenders will require an independent Broker’s Market Analysis to verify price once an offer has been made.)
In most states, purchase offers are ratified contracts once the seller signs off on the offer. The “third party” approval is treated as a “contingency” that is removed when the lender approves the contract.
The parties may be released from the contract in the event the lender does not approve.
