What Happens to My Assets in a Short Sale

You will want to have the contract drawn up by the lenders reviewed by an attorney so you’ll know what’s in it.

Sell House Fast – Snyder County PA: When you choose to sell your house in a short sale there is an agreement that stands between you and the lender, along with the buyer offering the short sale amount. Some banks will write the sale of your assets into the contract to help make up the difference in what you pay them. If you owe $320k to the bank and the buyer offers $290k there is a difference of $30k that the bank must either eat or ask that your assets be sold to make up some of the difference.

You will want to have the contract drawn up by the lenders reviewed by an attorney so you’ll know what’s in it. If this is the case, you will want to know that your assets will be sold. This makes it possible for you to protect the assets you have from a bank sale. Filing bankruptcy through a Chapter 7 or 13 helps to protect your assets to satisfy a deficiency in the mortgage payoff. Sellers who request that a lender accept a short sale amount will need to consider that they may need to also sell off some of their items to help pay off the difference.

“Using a real estate investor to buy your house may help to avoid any trouble you’ll have with the lender.”

Using a real estate investor to buy your house may help to avoid any trouble you’ll have with the lender. They are generally adept at talking to lenders and making agreements with them that may work to your advantage. They make these deals regularly and know what to look for. When you enlist the help of a real estate investor to buy your house you will be relieved to know that they usually handle all of these details for you. They collect no fee for this. Their payment for their trouble is to obtain a piece of real estate cheap, which allows them to make money on it in the future. Paperwork, details, and a quick transaction once the permission has been granted are advantages to using an investor.

The reason for a short sale is to benefit both the lender and the seller. Having an agreement from the bank for a short sale doesn’t continue to be valid if the house doesn’t sell. A foreclosure would negate any contract that you had with the lender. That means your personal assets are safe from sale in the event the house cannot be sold before the foreclosure takes place.

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