Military Short Sales take time. Understanding the process timeline will help you with stress. Patience is the key.
FAQ – What is a short sale (defined):
ANSWER – A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts. Whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. (Read more about deficiency below).
FAQ – Do I qualify for a military short sale? (Hardship)
ANSWER – Banks, lenders, credit unions may vary in their requirements. First you should consult with a Real Estate Attorney experienced with your or other lenders. The consult should is free.
1. If you are PCS’ing (Permanent Change of Station orders) then your hardship is already defined.
2. Other hardships include divorce, job loss, and medical expenses or potentially travel time to work where your command requires you be closer and on call.
FAQ – Do I have to be delinquent to do a military short sale?
ANSWER – No. and we recommend you stay current on your mortgage and other bills. This will make your shore sale credit impact “minimal”.
Military Short Sale FAQs:
FAQ – What Is the Time-line to complete a military short sale? (Patience required)
ANSWER – Our experience with military short sales is that you can expect 4-6 months for the process to complete (average). Some can be faster, some can be longer if issues arise. The faster we get a contract, the quicker the process. A sample timeline follows:
Contact your REALTOR® here with any questions. Do the free consult with the Real Estate Attorney’s Office ASAP. Once you are comfortable with the “legal” side of the process then contact your REALTOR® to list and prepare the home for sale.
Provide the Attorney’s office any documents requested ASAP. REALTOR® puts home in the Multiple Listing Service, recommends items to help the home show better, markets via blog, social media, and more, sets up appointments, follows through for feedback on showings.
Once a contract is obtained on your home, your REALTOR® negotiates with the buyer’s agent and presents options to the seller (you). REALTOR® recommends any counter-offer options, inspection/repair items requested, and more.
Read more at this dedicated full length post: dennisblackmore.com/military-short-sale-faqs/