Santa Clara California Short Sale Affidavit of Buyer

• Category: Affidavits - Short Sales
• State: Multi-State
• County: Santa Clara
• Control #: US-02761BG
• Format: Word; Rich Text

Description

In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. An arms-length or short sale affidavit is a document created by a bank in an attempt to prevent sellers from selling to relatives or friends to act as a straw buyer. Sometimes sellers make such side agreements. Then, after the transaction closes, the pretend buyers quickly transfer title back to the seller. This practice, in affect, means the sellers have repurchased their home at maybe half the cost, which greatly benefits those sellers. The Santa Clara California Short Sale Affidavit of Buyer is an official legal document that is used in real estate transactions within Santa Clara County, California. This affidavit is specifically designed for buyers who are involved in a short sale transaction, where the homeowner is selling the property for less than the amount owed on the mortgage. The purpose of the Santa Clara California Short Sale Affidavit of Buyer is to provide information and assurance to the mortgage lender regarding the buyer's eligibility and commitment to the purchase. This document contains important details about the buyer's finances, intentions, and understanding of the short sale process. Some relevant keywords related to the Santa Clara California Short Sale Affidavit of Buyer include: 1. Short sale: Refers to the sale of a property for an amount lower than the outstanding mortgage balance. 2. Affidavit: A written statement that is made under oath or affirmation, usually used as evidence in court proceedings. 3. Real estate transaction: The process of buying or selling a property. 4. Santa Clara County: The county located in the southern part of the San Francisco Bay Area in California. 5. Mortgage lender: The financial institution providing the loan to the homeowner, securing the property as collateral. 6. Eligibility: Refers to meeting specific criteria or requirements. 7. Commitment: The buyer's intention and dedication towards completing the purchase. 8. Finances: Pertains to monetary resources, income, assets, and liabilities. 9. Purchase: The act of acquiring a property by payment of a price. 10. Understanding: Refers to the buyer's comprehension of the short sale process and its implications. While there may not be different types of Santa Clara California Short Sale Affidavit of Buyer, there may be variations in terms of format or specific requirements from different lending institutions or real estate agents. It is crucial for buyers to consult with professionals experienced in short sales to obtain the correct documentation.

The Santa Clara California Short Sale Affidavit of Buyer is an official legal document that is used in real estate transactions within Santa Clara County, California. This affidavit is specifically designed for buyers who are involved in a short sale transaction, where the homeowner is selling the property for less than the amount owed on the mortgage. The purpose of the Santa Clara California Short Sale Affidavit of Buyer is to provide information and assurance to the mortgage lender regarding the buyer's eligibility and commitment to the purchase. This document contains important details about the buyer's finances, intentions, and understanding of the short sale process. Some relevant keywords related to the Santa Clara California Short Sale Affidavit of Buyer include: 1. Short sale: Refers to the sale of a property for an amount lower than the outstanding mortgage balance. 2. Affidavit: A written statement that is made under oath or affirmation, usually used as evidence in court proceedings. 3. Real estate transaction: The process of buying or selling a property. 4. Santa Clara County: The county located in the southern part of the San Francisco Bay Area in California. 5. Mortgage lender: The financial institution providing the loan to the homeowner, securing the property as collateral. 6. Eligibility: Refers to meeting specific criteria or requirements. 7. Commitment: The buyer's intention and dedication towards completing the purchase. 8. Finances: Pertains to monetary resources, income, assets, and liabilities. 9. Purchase: The act of acquiring a property by payment of a price. 10. Understanding: Refers to the buyer's comprehension of the short sale process and its implications. While there may not be different types of Santa Clara California Short Sale Affidavit of Buyer, there may be variations in terms of format or specific requirements from different lending institutions or real estate agents. It is crucial for buyers to consult with professionals experienced in short sales to obtain the correct documentation.