Photo On Left is what you think about your Pigeon Forge TN House For Sale
Photo On Right Is what Lender thinks about your Pigeon Forge TN House For Sale
Short Selling Your Smoky Mountain Home Basics
Short selling a house is an alternative to foreclosure. This is a quick lesson in "How To Short Sell My House" This applies to Sevierville Tn homes for sale, Home for Sale Pigeon Forge BUT NOT cabin for sale Pigeon Forge or cabin for sale Smoky Mountains. The first premise is short selling your Sevierville house is very serious and not to be taken lightly; it is credit adverse but not considered as bad as a foreclosure. It can be two to five years before you can finance another home in the Smoky Mountains. Typically, your next financed home home will need to be FHA. The second premise to remember is the lender MAY offer you either a short term or permanent loan modification. This could be principal reduction or interest rate reduction. or skip payments. The lender is under no obligation to offer you a modification or approve a short sale for your Pigeon Forge house. Original lenders do not want to foreclose.
Among the most accepted reasons for short sale are 1) loss of job 2) income reduction 3) divorce 4) death of spouse. This is not an inclusive list but some of the more frequently accepted reasons. Unacceptable reasons include 1) You do not like the Gatlinburg house or Wears Valley neighborhood any more or you simply want to move away from Sevierville.
Sometimes it can feel like the lender is just piling on the short sale paperwork.
Required documentation includes 1) past two years tax returns , 2) upto past two years of bank statements , 3) pay stubs for current year, 4) complete financial statement, 5) hardship letter, 6) comparative market analysis (broker's price opinion), 7) authorization letter, 8) listing agreement, and 9) proforma Hud 1
In today's market many Smoky Mountain houses and Gatlinburg homes have appreciated over 25% in the past two years and can easily be sold for more than the loan balance. Smoky Mountain Cabins used as short term rental are considered an investment and rental income will be taken into consideration as well as personal income making short selling that Gatlinburg cabin very difficult. Trying to short sale cabin for sale Smoky Mountains is difficult as noted is is an investment just like a stock or bond. All income and all assets will be considered as a resource factor before you can short sell that Pigeon Forge cabin for sale.
The Broker's Price Opinion (bpo) should be done by a Realtor with with experience. I have over 15 years experience in real estate. I also hold the following designations and certifications 1) Price Strategy Advisor (PSA), 2) Short Sale and Foreclosure Resource (SFR), 3) Real Estate Negotiator (RENE). The bpo will be closely scrutinized and the lender will also have their own done.
The package needs to be neat, typed, indexed and well presented. Every item need to be documented. Time frames vary but typically can be 1) thirty days to confirm receipt of package 2) thirty days to assign an negotiator and 3) two to eight weeks after initial approval to get final approval. The time to complete the approval of your short sale for your Pigeon Forge home for sale can vary between three to six moths in total.
Be aware the lender can ask for 1) cash at closing 2) monthly payments - note or 3) balloon note. It is also possible the lender may let leave the closing table with $3,000 in relocation assistance money at the conclusion of your Smoky Mountain Real Estate Transaction.
Offers will be evaluated by the amount of the offer, contingencies, likely hood of closing, and the time to close. A strong offer with a good closing date is likely to be accepted while a lowball offer will more than likely be immediately rejected. The lender will look at several offers of your Pigeon Forge TN home for sale not just the one the borrower favors. Both the borrower and the lender must both agree on the terms of the sale Smoky Mountain home for sale. Quicken Loans has an excellent article from the lender's prospective at Quicken Loan's Prespective
We are almost done with this article concerning homes for sale Pigeon Forge TN that are being short saled. These points are meant wrap it and so please remember them when you want to pursue a short sale of that Gatlinburg TN homes for sale. These are mentioned before but I want you recall them. First it is very difficult to short sell a Smokey Mountain Vacation Homes for sale. Second the lender is under no obligation to due a short sale, third the lender is under no obligation to do a loan modification of your log cabin for sale in TN however they may approve your request for a modification for your homes for sale in Gatlinburg Tn. Forth the lender is under no obligation to accept any offer. Just because you like the offer from Mildred and Johnathan to purchase your homes for sale in Sevierville TN; the lender may like and only accept the offer from Elizabeth and Ben to purchase your Sevierville home for sale. Fifth, the process to sell and short sell your Cosby home for sale can take three to six months. Finally, during the time the lender is evaluating the short sale process of your house they can foreclose on your Pigeon Forge house for sale.
I stand ready willing and able to discuss with you short selling your Sevierville house for sale. Feel to contact me.
A successfully completed Sevierville Home for sale turned into a completed short sale