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These types of sales are becoming a preferred method by the real estate industry to keep people from having their home foreclosed upon and also preferred by the banks so that they can keep from having thousands of homes on their books and no monies coming in off of them once they have to foreclose.

What is a "Short Sale"?

Short sales are when the bank allows the borrower to sell their property for less then the amount owed and many times they forgive the difference between what was owed and what the sale actually brought in. The bank will also pay for the borrower's real estate fees, escrow costs, and other fees typically associated with the seller. This allows the seller to get out of a property that they cannot otherwise afford, and allows them to keep from having a foreclosure on their credit.

How do you complete this type of transaction?

A short sale is a pretty complex transaction that only an experienced real estate agent should be hired to complete. To obtain a short sale a borrower typically needs to be behind on the mortgage, and then they should contact the bank that is servicing the loan and ask them if they will allow the borrower to complete a short sale. Once the bank allows for a short sale to happen they will typically ask for documentation from the borrower to show that, they (the borrower) cannot afford the property anymore. The borrower will need to get last 2 years W-2's current bank statements, and pay stubs into the bank before they will entertain offers on the property. Once all this documentation is submitted to the bank they many times will allow the sale to occur. If and when the bank allows the borrower to complete a short sale then the borrower (seller) will need to hire a real estate agent that is experienced in handling short sales. These sales are much more complex than the typical real estate transaction and an experienced agent will help you tremendously.

How to Sell A Short Sale:

The actual transaction process is difficult in most situations the lender approval will need to be disclosed to the buyers and also buyers should be prepared to wait 2-3 weeks before the bank gives them an answer on the offer the buyer submitted. The banks are extremely backup up right now and buyers need to be very patient when submitting offers on a short sale property. As a seller trying to sell your home as a short sale you will almost always need to be the least expensive home relative to what's available in the marketplace to be able to get buyers to be willing to wait weeks before knowing if an offer they submit will even be accepted. Once an offer is accepted the buyer will almost always complete the regular inspections common but once completed the buyer if they ask for repairs or credits will most times not be acceptable because the seller will not be able to meet the repairs due to lack of money to fix these items. This is why pricing is so important the home has to be under market to attract buyers that will be willing to complete fixes etc. after they close on the property. If you would like additional information about short sales please visit my site at http://www.sellingtucsonrealestate.com/short-sale.php

Michael Oliver
http://www.SellingTucsonRealEstate.com

Source: www.articlesphere.com