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Why So Many Short Sales Never Reach A Closing Table

Panama City Short Sales

Many short sales never actually make it to a closing table. There are many ways a short sale can fall apart. There are also more decision makers than you would see in a normal transaction. It is important for all parties involved to have a clear understanding of reasonable expectations and the process.

In a short sale there are at least three separate decision makers. The buyer, the seller, and each bank that has a mortgage on the property. If any one of these parties does not agree with the negotiated terms through the contract process, the deal can not proceed.

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Panama City Beach Short Sales and frequently asked questoins

short sale help in Panama City Beach Florida

The Real Estate Market in Panama City Beach Florida, as well as much of the United States has come down significantly. Many people have found themselves owing more than they can currently sell their property for. There is help available. A short sale could be a possible solution and help you out of a bad situation. I can help you.

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How Short Sales Effect Your Credit

Panama City Beach Short Sales

Many people do not understand how a short sale will affect their credit. The short sale itself does not harm ones credit in any way. It is possible to complete a short sale without having a major impact on the persons credit. We are going to go through several scenarios to explain short sale options and the ramifications of each scenario.

The largest impact to ones credit is the missed payments. If someone is 30, 60, 90, or 120 days late on a mortgage, it will significantly impact their credit. There is a misconception that one has to be late on the mortgage to be eligible for a short sale. This is not accurate. It is possible to negotiate a short sale without missing any payments on the? mortgage. If someone does this and converts the remaining balance due at closing to a signature loan, their credit should not be impacted in any way.

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Difficulties of Second Mortgages When Negotiating Short Sales

Panama City Florida Short Sale

In the not so recent past a first and second mortgage when purchasing a property was very popular. Negotiating short sales with a second mortgage comes with some extra challenges. These challenges multiply when the mortgages are with different lenders. Add a buyer who will need loan approval and you are walking the ultimate tight rope.

Many lenders policies and procedures have been changing rapidly regarding short sales. We are even seeing banks that were holding first and second mortgages split and become separate entities. Short sales can be tricky simply dealing with one lender.

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