I am selling my home and my mortgage company said I could do a short sell for 30,000.00 I sold my house for 40,000.00 Will my mortgage company send me the rest of the money?
I am in the process of selling the home. I owe 45,000.00 on the home but they said they would take 30,000.00 now they are asking for a purchase agremement and I am thinking that the remaining 6,000.00 (our realtor gets 4,000.00) that we were going to pay our lot rent and loans with will not come to us.
Seller must make 0 proceeds on a short sell. The short sell is to attractive buyers and let the house sell faster. The incoming buyer will sign a purchase and sell contract with you for $30,000. The buyer will buy the house for $30,000. The bank will eat the extra $10,000 just to get the house sold. You get no gain from a short sell other than assistence from the bank in selling you house by lettering you lower the selling price.
Brenda
When my motgage company told me about the short sell the gentlemen told me that if it sells for more than the agreement I can keep the difference. I asked him this a couple of times because I thought it was odd, he kept saying yes. Was he just saying that?
I just thought it was too good to be true, and wanted to know if anyone has heard of this happening before, and how to go about it.
Can I have the buyers motgage company just send my motgage company the amount we agreed on and the remander to me? Or do they have to send the full amount to the motgage co?
Quote:
On 2004-09-30 17:22, Only1God wrote:
When my motgage company told me about the short sell the gentlemen told me that if it sells for more than the agreement I can keep the difference. I asked him this a couple of times because I thought it was odd, he kept saying yes. Was he just saying that?
Get it in writing. You won't be able to hold them to any promise that isn't set down in ink.
Quote:
On 2004-09-30 18:07, Only1God wrote:
I just thought it was too good to be true, and wanted to know if anyone has heard of this happening before, and how to go about it.
your tenses confuse me.... are you selling or have you sold? It can't be both.
If you owe your mortgage company $40,000, and you sent them $40,000 then you didn't really have a short sale.
If you owed them $40,000 but they said that they would accept $30,000... and you sent them $40,000... don't expect to get a refund.
If you owe them $30,000 and you paid them $40,000... then your closing attorney should be investigated.
I am in the process of selling the home. I owe 45,000.00 on the home but they said they would take 30,000.00 now they are asking for a purchase agremement and I am thinking that the remaining 6,000.00 (our realtor gets 4,000.00) that we were going to pay our lot rent and loans with will not come to us.
Seller must make 0 proceeds on a short sell. The short sell is to attractive buyers and let the house sell faster. The incoming buyer will sign a purchase and sell contract with you for $30,000. The buyer will buy the house for $30,000. The bank will eat the extra $10,000 just to get the house sold. You get no gain from a short sell other than assistence from the bank in selling you house by lettering you lower the selling price.
Brenda
When my motgage company told me about the short sell the gentlemen told me that if it sells for more than the agreement I can keep the difference. I asked him this a couple of times because I thought it was odd, he kept saying yes. Was he just saying that?
Well, if your lender told you, you could do that, why are you asking this question here, did you not believe it?
You could call your lender, and speak to a manager in charge to confirm what you have been told.
I just thought it was too good to be true, and wanted to know if anyone has heard of this happening before, and how to go about it.
Can I have the buyers motgage company just send my motgage company the amount we agreed on and the remander to me? Or do they have to send the full amount to the motgage co?
Quote:
On 2004-09-30 17:22, Only1God wrote:
When my motgage company told me about the short sell the gentlemen told me that if it sells for more than the agreement I can keep the difference. I asked him this a couple of times because I thought it was odd, he kept saying yes. Was he just saying that?
Get it in writing. You won't be able to hold them to any promise that isn't set down in ink.
Quote:
On 2004-09-30 18:07, Only1God wrote:
I just thought it was too good to be true, and wanted to know if anyone has heard of this happening before, and how to go about it.
Your instinct is right.