Understanding the Short Sale Process
Short sales are popping up everywhere in this current real estate market, and many analysts say the numbers could very well continue to rise throughout 2010. While they can be a burden to a homeowner, they can prove to be quite a bargain for househunters. The irony is that a “short” sale, can actually take quite a long time to go through. So just what is exactly going on between banks, agents, sellers, etc. during a short sale?
Kay Kammeyer blogs about what you need to know when in comes to the short sale process.
“So, who approves the short sale? Normally it is the SMI. The SL only has authority to service the loan, which means deal with the borrowers.
For this, they receive a portion of the payment as their fees. The rest is passed on to the SMI who owns the note. However, all short sale proposals are required by contract to go through the SL.”
As with everything else, the more you know going into a certain process, such as entering into a short sale, the better off you will be.
Click through now to read Kay Kammeyer’s blog.
Sign up for a free Featured Blog on Realtor.com today.
March 02 2010 06:09 pm | Short Sale
Leave a Reply
You must be logged in to post a comment.