The Housing Finance market is in very poor condition in those days. Lots of foreclosure and short sale are occurring more rapidly. So the housing price is now very low in all over the states. Now you need to keep idea about the short sale to deal in real estate product easily. The short sale is the sale of real estate in which the returns from the selling of that real estate will be used for clearance of shortfall of the balance of the homeowner’s debt secured as loan against house property. The Short sale is mainly used In USA to get revive from the unpaid debts by selling the secured property.
People are very eager to get idea about the actual short sale process in USA. When it is proved that the economic hardship of the borrower makes him fall to repay his secured debts, the lenders of all his unpaid liens has given permission to proceed to short sale. After the application of short sale the lender will engaged his loss mitigation department to find out that whether short sale is possible or not. Only when you will get all approval for the short sale from all lenders, it is possible to arrange the defaulted loan property on short sale. The leaders will evaluate the current market price but you must get the current valuation before the lender from any Broker Price Opinion.
There are mainly four reason of short sale which is discussed bellow. When any buyer is ready to buy the house, it is motivate the lenders to approve the short sale. The lender also is willing to short sale due to empathies with borrower’s true hardship condition. Even when the house is underwater due to huge balance on loan the short sale is possible for the borrower.