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#1 Real Estate Team In St. Louis (636) 898-1231

Short Sales FAQs

  • Do I have to be behind on my mortgage payments to do a short sale?

    No. At one time lenders would tell you that you had to miss a payment to be considered for a short sale, but times have changed. The Kiper Team has successfully negotiated short sales for homeowners who never missed a payment. Of course, there still has to be a hardship. If you can afford your current house but just want to get rid of it so you can buy a much larger, fancier house, then if would probably be difficult to get a lender to agree to a short sale for you.

  • How much will it cost me to do a short sale on my house?

    Sellers can not contribute to short sales. Most fees, commissions and closing costs are paid by the bank. In a case where a lien holder does not cover all fees, occasionally a seller can waive part of their relocation assistance (if applicable) or some fees are negotiated as paid by the new buyers.

  • Who pays off my second mortgage?

    We negotiate a short sale with your second lender as well. They are paid off by the sale of your house. We get the first lender to agree to pay off the amount that the second lender has agreed to take.

  • How long does a short sale take?

    It depends on the lender. Some lenders are very fast, while others are extremely slow. The average timeframe is between 2 months – 4 months depending on the lender.

  • How much money will I get when my house sells?

    Sellers are not allowed any proceeds from the short sale of their home. Your house is worth less than you owe the bank, so the bank will not allow you to get any money from the sale. There are a few programs with seller relocation incentives built in, but this will vary depending on the type of short sale program available for your property.

  • How long can I stay in my house if you are doing the short sale?

    There is not a definite answer. The average time to negotiate a short sale is between 60 – 120 days. Once the short sale is approved, the lender normally gives us 30 days to close the sale. You will be advised of the progress of the short sale negotiations on a regular basis. So, when it looks like we are about to get the approval, you will have approximately 30 days to move.

  • What if I want to move out of my house before you have completed the short sale?

    You can move out at any time. Some Agents request that you notify them so that your real estate agent can keep an eye out on the property and make sure that it is secure and not affected by any of the actions that your lender may take to get possession of your property before your redemption period is over. It is important to continue to maintain the property. Once you are behind in payments and in the foreclosure process, even if working on a short sale, the bank can consider a vacant property abandoned and take posession.

  • Do I have to pay my back property taxes if I short sale?

    No. The back taxes are paid by your bank when the house is sold on the short sale.

  • What happens if you can’t talk my lender out of a deficiency judgment?

    Most Agents usually are able to negotiate away all or most of the deficiency. If they are not able to do this with your lender, then they will try to negotiate the terms of the deficiency. Sometimes, they will allow a small additional payment at close to write off the deficiency. Sometimes, they will accept an unsecured, 0% interest promissory note for a small portion of the deficiency payable over a very long time to write off the balance of the deficiency. Whatever the terms are, you have the final decision to accept them or not accept them.

  • What happens if you can’t talk my lender out of a deficiency judgment?

    Yes. But it will be a lot more difficult. There is more work to do with every additional lien. And, each lien holder has to agree to release their lien.

  • I have other liens on my house from the IRS and the builder, can I still do a short sale?

    How you go about buying a property posted on thekiperteam.com depends on the property status. If the property is For Sale it will say active you can contact the Kiper Team by email or phone (636) 898-1231 to see the property and/or make an offer. If the property is a foreclosure, the process of buying will differ from the typical real estate purchase, please contact The Kiper Team for additional information.

  • My Spouse and I are divorcing and I want to do the short sale but they don't...can I still short sale the house?

    If you Spouse is on deed and mortgage, they will have to agree to the short sale and sign all necessary documents. The short sale cannot be done without their cooperation.

  • Can I do my own short sale?

    Most banks require your property be listed in order to do a short sale. In this case, you will have to have a realtor. Short sales are like puzzles with many pieces that have to go together correctly. If a piece does not fit properly, you can still complete the puzzle but the results may not be as good. There is a process to getting the short sale approved with the best possible terms. Why wouldn’t you leave it to an expert who specializes in Short Sales?

  • Can you be sure that my lender will agree to the short sale?

    Keep in mind that this whole process is a negotiated process so your agent cannot guarantee anything.

  • How important is it to work with someone who is experienced in doing short sales?

    The Kiper Team can’t stress enough the importance of working with someone who does short sales for a living. We have seen far too many homeowners go into foreclosure because the realtor or company that they were working with had no real experience doing short sales. You can’t afford to turn your situation over to someone who wants to learn how to do short sales using your house as a learning experience. You need an expert.

  • How much will my credit score be affected by a short sale?

    There is no clear answer to this question. It depends on many things. If you are current on all your bills and still making your mortgage payments, your credit score will not suffer greatly. But if you are behind on all your payments as well as your mortgage, then of course everything will affect your credit score. Overall, a short sale will have far less impact on your credit score than a foreclosure or bankruptcy would.

  • How soon should we start the short sale process?

    As soon as possible. Your lender is much more willing to work with us before your house actually goes into foreclosure. We can still short sale your house after the foreclosure, but if you wait until you are 3 – 4 months into foreclosure you have probably waited too long. There may not be enough time to get the process completed.

 

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