Feb
26
can you please tell me a quick sale versus foreclosure?
By
need to sell my property and desperate for a contract recently divorced and this property is still causing conflicts between me and my ex even though I was awarded the property in the divorce and choose to sell.
Repossession
Foreclosure on my credit report, but quick sale occurred? After divorce, ex-husband moved back into house. He never made a house payment. I moved out of town. My name is only on the mortgage. (did a quick claim deed) with his. Foreclosure is on my credit report however quick sale occurred. How do I get this off of...
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my home is in foreclosure, is there anyone to buy as quick sale,can I still make any money? my home is going thru foreclosure,is there anyone who can buy as a quick sale,and can I make any money off it. hve about 15,000.00 equityPassive Income ...
What is a quick sale(for a house) and how does it work? going through divorce and can’t afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanksPassive Income ...
Can someone explaine to me what is quick sale( house) and how it works? I can’t afford my mortgage payments any longer due to my financial difficulties. I don’t have any late payments yet. Didn’t get any favorable answer from bank…property is not worth what is still owed on it…my friend said I have go for a quick sale…. I don’t know how...
1 Comments
March 1st, 2009 at 9:13 am
I wonder if you mean a “short sale”.??
When property is sliding into foreclosure, a short sale is one that an offer is made for less than the outstanding loan. The lender may or may not accept the offer, since they might think that by holding out, they can get the property and resell it for at least the loan amount. If they do take the offer.. it keeps foreclosure off your record. They take a loss, but the amount of the loss might be worth them not having to go through the rest of the process (and maybe gamble that they will get even less, at an auction).
Our real estate agent had a couple such offers, which would have helped us. The lender screwed around, and would not give the agent the bottom line amount that they would take.. refused to return her calls, lied, so forth. So they blocked what would have been a valid sale for them, and sale for us, even though we would not have made anything.
2 yrs ago when all this happened, the idea of foreclosure was horrible to us.. now, we know we were pretty much the tip of the iceberg, for sub prime loans crashing.
Depending on your lender… they may have no intent of doing ANYTHING to help you.