Belt Auction

How to Short sale my house?

Question on how can I short sales my own house. Q1. I owe 480k (1 loan) on my home with Chase. How much will the bank approve the short sale amount (if they approve). Zillow.com shows my house worth 400k and a brand new one of my home is selling for about 440k Q2. What do I need to do to have Chase approve my short sales request. e.g stop paying? hire a real estate agent to process it? Q3. My brother would like to buy my house if the short sale approve. Is that possible that me as a home owner to choose the buyer or the bank?

Public Comments

1. First thing to do is quit looking at Zillow. They can be notoriously inaccurate in valuations. IF the bank agrees to a short sale (and that's a BIG IF), they will not agree to a price less than a professional appraisal determines the property to be worth As well, Chase won't approve a sale to a close relative. Trying to do that raises a HUGE red flag of fraud to the lender involved. The next issue is whether or not you can afford the house. If you can handle the payments according to agreement, you're simply NOT going to get approved for a short sale.
2. Q1 - I would contact an experienced short sale realtor. Try http://www.cdpe.com to search for an agent who knows the short sale process. I'm a CDPE (Certified Distressed Property Expert) so I can help you with these questions you've posed. Q2. Hire a knowledgeable realtor. Your realtor will do a market analysis of homes such as yours that have sold in the past 6 months, they will discuss the entire short sale process, and give you a list of things you need to provide in order to have a successful short sale (such as financial records, hardship letter, etc). It sounds like you're in the early stages of the process - haven't missed any payments. I would start immediately with getting your realtor to work. Q3. Unfortunately, your brother cannot purchase the house. Family members are specifically excluded from being allowed to purchase a property that is being sold short. I have some excellent information available on my website about the short sale process and loan modification process. http://www.virginiahometownrealtors.com. Please don't hesitate to let me know if there's anything I can do to assist you. Best wishes,
3. A1. There's so much that goes into a short sale so trying to figure out how much the banks will approve is tough. Generally speaking, acceptance amount will be 80%-85% of the BPO value (the banks appraisal value). Zillow is way off... to get a comparative market analysis I suggest asking a realtor and stop checking online. A2. If you can afford your payments do not default on it by choice. Banks will take into consideration your financial situation before approving or disapproving a short sale. You'll need tax returns, bank statements, pay stubs, hardship letter, and any documentation that can prove your hardship. Missing a payment when you can afford it will only damage your credit. If you want true help with your short sale visit hopeforseller.com A3. That is a non arm's length transaction and is completely illegal. You cannot have the banks forgive your debt so you can resell it to a family member to skip out on your obligation because the market has tumbled... that is fraud.
4. Your brother cannot buy your house It has to be an arms length transaction