5. When a seller is in financial distress and a lender approves a sale even though the property will sell for a price less than what is owed the lender. AKA: SHORT SALE
6. Because of Third Party Approval it Typically Takes 120 Days To Close Who is the Third Party? Your Mortgage Lender SHORT SALE 30 days 60 days 120 days 90 days
23. Your Real Estate Agent needs the ability to discuss your situation with your bank or mortgage company the next form gives that ability. The typical Real Estate transaction requires a level of confidentiality but in the process of a pre-foreclosure there is a need to discuss information with other entities. You will need to sign special disclosure forms between the Real Estate Agent and yourself giving permission to work outside the norm.
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30. Your Lender may require up to 3 BPO’s to determine the sell-able value of your home. Third Party Broker Buyers Agent Sellers Agent May Not Be Required
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32. This value will more than likely be less than you owe. Value you currently owe Lender for home loan. Even if forgiven by Lender, the IRS currently considers this income and will tax you. For tax implications contact an Accountant
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