Short Sale Elk Grove-What Should Sellers Keep Current During a Short Sale?
When a seller decides it’s time to short sale their Elk Grove home, they usually stop paying the mortgage. This is common practice during a short sale. Sellers are often insolvent and truly can’t afford the mortgage payment. Not making mortgage payments also give a strong message to the bank that owners can no longer afford their home.
Even though not making mortgage payments is acceptable during an Elk Grove short sale, it causes a lot of problems if sellers stop paying their HOA, utilities, or child support. Laura Peachey with Stewart Title in Roseville explains why HOA, utility, and child support liens make an Elk Grove short sale more difficult:
By keeping the HOA, utilities, and any possible child support paid, your Short Sale in Elk Grove will close smoothly. Banks do not typically pay for these items during a short sale. If you are already behind on utlities or HOA, your Elk Grove short sale agent may be able to help you cover the balance by negotiating with the buyer or the bank.
Tell your Elk Grove short sale Realtor about your HOA. Are you current? How much is the HOA? Has your debt been sent to collections. The more your short sale agent knows, the better they can help resolve the issue.
A short sale in Elk Grove can not close with a utility balance. This includes water, electricity, gas, and garbage. It’s best if sellers keep utilities current during a short sale. If sellers are unable to pay the balance at closing, their Elk Grove short sale agent may be able to find a way to have the buyer or bank cover the difference. Still, it’s best to keep utilities current.
Short Sales can not close if there is a child support lien attached to the property. Tell your Elk Grove short sale agent right away if there is a child support lien so they can help you get the lien paid and removed by the time the short sale closes.
See if you qualify for a short sale in Elk Grove.
Short Sale Elk Grove-What Should Sellers Keep Current During a Short Sale?
Posted by Elk Grove Real Estate Agent Allan Sanchez www.AllansHomes.com
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