Who is the Seller when entering into a contract for the sale of a home as a “short sale”? Is it the homeowner? Is it the mortgage holder, the lender? This can be confusing.

I always discuss this issue, from the very beginning of meeting with our clients who have a home that they are or are considering, selling as a short sale. It is reasonable to think the Seller would be your lender-your mortgage holder because you are asking your lender to agree to a purchase price that will result in the lender taking less as a payoff of the mortgage than is owed. Right?

No. The Seller in a short sale contract, in most cases, will be the legal owner of the property and not the mortgage company or lender. Therefore, the legal owner will be agreeing to the terms of the contract to purchase with a contingency included of the existing lender(s) approval of the short sale. But, the Seller still remains you, the legal owner.

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.

Kansas and Missouri Short Sale real estate agent having successfully closed short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and more.

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome
Licensed in Kansas and Missouri

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

Image: David Castillo Dominici / FreeDigitalPhotos.net

You have now determined that your principal residence meets Step One of the Streamlined Short Sale Process.  Your Kansas City home value compared to your mortgage fit the definition of a “short sale.”  The next step is to determine if you meet Step Two for short selling your Kansas City home with a streamlined process:

If you or someone you know don’t know what to do if you owe more than your home is worth, you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri,  please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

It has been my pleasure to help a number of Sellers with their Kansas short sale or Missouri short sale.  Consider me an available resource to help you determine what the best direction is for you.   The bottom line is DON’T believe that there is nothing that you can do.   There is the possibility of short selling your Kansas City home.

Suzanne Hinton, your best choice for a Kansas City short sale expert

(There are potential tax consequences that should be discussed with a tax professional. Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

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Homes for sale in Kansas City    •What’s My Kansas City Home Worth In this Market

About the Author:

Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
www.hintonhomes.com

 

 

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

 

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