Short Sale Seller Advisory Information is a document that outlines the details of a short sale transaction for the seller. It provides information about the impact of the short sale on the seller's credit, taxes, and other liabilities. It also explains the short sale process, including the roles and responsibilities of the seller, the lender, and the real estate agent. Additionally, it outlines the timeline, the costs involved, and any potential risks associated with the transaction. The most common type of Short Sale Seller Advisory Information is the Short Sale Authorization Form, which is provided by the lender and must be signed by the seller before the transaction is approved. This form typically outlines the terms of the transaction, the seller's responsibilities, and the lender's rights. It also outlines the timeline of the transaction, including the dates when the short sale is expected to be approved and when the closing will take place. Other types of Short Sale Seller Advisory Information include financial disclosure statements, tax forms, and other documents related to the transaction. These documents provide the seller with detailed information about the impact of the transaction on their financial situation. They also provide information about the potential risks associated with the transaction, such as the potential for the lender to pursue a deficiency judgment against the seller.
Short Sale Seller Advisory Information
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How to fill out Short Sale Seller Advisory Information?
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FAQ
Short sellers are wagering that the stock they are short selling will drop in price. If the stock does drop after the short sale, the short seller buys it back at a lower price and returns it to the lender. The difference between the sell price and the buy price is the short seller's profit.
An NY short sale is the sale of real property where the amount of proceeds from the sale isn't enough to cover the amount of a mortgage or other debt on the property. This leaves the bank or other lender holding outstanding debt from the sale, but prevents a foreclosure action.
Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.
The lender receives all proceeds from the sale of the property and releases the original homeowner from their mortgage loan?even though the full mortgage balance was not paid off by the proceeds.
In a short sale, a seller will decide to submit a financial package, seeking a lender's approval to sell the property for less than the amount they owe on it. Therefore, the seller enters into this process voluntarily, which is not the case for foreclosures.
For a regular home sale, the seller would use the proceeds to pay off the original loan. In a short sale, the home sells for less than the seller owes, so the lender won't get all their money back. As a result, the original lender must agree to the sale. The seller must prove they have no other option.
It's best to strike a balance between what's a good deal for you and what's reasonable for the lender. A price that's 5% to 10% below market value is typically a good number to put on the table. Venturing further down could be dangerous territory.