Maria Pia Mcleod P. A.
Date Published: 2021-12-10
When we talk about short sale, we refer to your property sale for less than what you owe on your mortgage. This kind of sales are made when the owner needs to pay off their mortgage debt.. However, you must comply with certain aspects to qualify for this type of sales, which are:
1- Your debt must be greater than the value of the property.
2- Have at least one payment of your past due mortgage.
3- You have to certify that you can not meet the payments.
Now, if you want to buy a house with these characteristics, it is necessary that you first find an owner who wants to sell in these conditions before going to the bank. In addition, it is important to explain to the owner of the house three things:
On the other hand, it is necessary to speak with the owners about two points of utmost importance before taking the proposal to the bank.
In addition, you must take into account that it is necessary to meet two objectives so that the negotiation with the bank is satisfactory.
This article is made for informative and divulgative purposes. For this reason, it is important that before making any decision, visit or contact a certified specialist in the field, since the opinion of the expert is the one that should be considered.
Your future taxes and liabilities may be affected if you buy your new property with a company or buy under your own name. A Real Estate Agent can help you select the best option. It is common to observe that the use of an LLC (limited liability company) is the most frequent due to:
Among the possibilities for buying properties there are mainly the following: a) Properties that are not new, b) Properties that are brand new or less than 6 months after completion of construction, c) Properties in pre-construction or new developments.
The payment method to use for the purchase of a property will depend on the amount of money you have available to invest, as well as your credit reputation. The budget you have will help you choose the area, the type of land and the dimensions of your new property.