Know your options before you sell that property. If you’re in a real rush and need to unload the property as fast as you can, you might want to give short sale a try. Not sure what the process entails? Read on to know how it happens:
The basics: what a short sale is
A short sale happens when a property is sold for less than what is owed. In these cases, it’s typical for lenders to provide buyers with approval letters. But these letters contain instructions buyers must follow to close the deal.
Seller’s consent and approval
The seller’s lender must consent to the sale before it can go forward. However, this process could take months. Lenders will send these approval letters with detailed instructions. Buyers must not deviate from these instructions. Once the approval has been given, lenders expect the sale to proceed as soon as possible.
Instructions in the approval letter
Instructions from the letter must be followed and this can include timelines. Some letters give buyers only a day to complete the transaction. The letter will also contain the amount that the seller must provide the lenders along with when the money is going to be delivered or sent via wire or transfer. If any of the instructions aren’t followed, it could compromise the process and prevent the sale from moving forward. An experienced lawyer with knowledge in short sale property closing in Elgin will make sure you follow it right, says The Keller Group.
The close
Short sale closings are typically included in the work of title companies or settlement agents. To make sure everything you close it successfully, hire the services of a lawyer with experience in short sale property closing in Elgin. That way, you won’t have to worry that your lender will find anything worrisome.
This is basically how a short sale close happens. For more information, consult a lawyer.
