Table of Contents
- IntroductionWhat to Expect From This Guide
- Chapter 1What is a Short Sale?
- Chapter 2Short Sales vs. Foreclosure Homes
- Chapter 3Short Sales are a Good Choice for Homeowners
- Chapter 4Short Sales are a Viable Option for Lenders
- Chapter 5Credit Implications of Short Sales
- Chapter 6The Mortgage Forgiveness Debt Relief Act of 2007
- Chapter 7Benefits of Buying a Short Sale
- Chapter 8Buying Short Sales Step by Step
- Chapter 9Understanding How Banks Deal With Foreclosures
- Chapter 10Tips to Ensure a Smooth Short Sale
- Chapter 11Potential Pitfalls of Short Sales
- Chapter 12Checklist of Short Sale Documents
- Appendix ASample Letters & Forms
- Appendix BShort Sale Resources
Sellers, lenders and homebuyers can all enjoy benefits from a short sale transaction if it is handled correctly. Sellers have the ability to get out of a burdensome financial situation. Lenders may be able to reduce their loss on the home. Homebuyers can enjoy the benefit of being able to purchase a home at a low price. However, the shortsale transaction can be difficult to navigate, especially by the uninformed. Failure to understand how short sales work and how to proceed for the best results can leave sellers and buyers facing short sale rejection.
This guide is an essential read for sellers and buyers considering the short sale option. Packed with information on short sales, how they work and important terms, consumers can learn more about this process and decide whether a short sale is the best option for their needs. Find out about the pros and cons before making a decision, learn how to navigate the process and even learn what not to do for the best results. By using this guide, buyers and sellers can both learn essential information needed to reap the best results from a short sale if that is their final decision.