Hawaii short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Hawaii is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure. Short Sale requires a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. Our Hawaii Short Sale Team has a High Success Rate on Approvals from the Banks and closed short sales in Oahu, Big Island, Maui, Kauai, Molokai, and Lanai, Hawaii. Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.
By short selling, we simply mean that you can sell your undervalued house to another buyer with the permission of your bank. If the amount owed to the bank happens to be more than the amount you will actually get, in case you sell the house, then the wisest decision would be to do so. If the bank agrees to a short sale, you can sell the house to a buyer at its depreciated value and get the balance written off by the bank. Usually, the bank writes off your balance from its account. The sum not paid by you shall be shown as ?income? in your accounts by the bank. Short sales are complicated but, can help sellers who owe more than home is worth. A short sale occurs when a property is sold for less than the total debt owed on the property. Hawaii short sale must be approved by the lenders and borrowers requesting a short sale must prove a hardship such as a mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation.
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