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Compromise Sale
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I have not dealt with a veteran in a compromise sale. It does seem that the process is easier than a standard short sale.
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I have not had to deal with this yet, but if I do, it does seem the process is easier than a regular short sale.
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The real estate agents can offer a valuable service by helping the seller put together the compromise sale package. As we learned, it includes:
1)Purchase offer with a contingency stating that the sale is subject to VA approval and that the home is listed at current market value.
2)Good Faith Estimate (GFE) of closing costs.
3)Financial statement with supporting documentation.
4)Hardship letter.
5)Compromise Sale Agreement (available from the lender).
6)Payoff statement from the lender.
Just hope, it doesn't happen often... -
I have not yet worked with a compromise sale, very good information... I can see how it can happen with PSC orders
Marjorie HOOLEY, good to know that they process faster and easier than regular short sales. -
I am in the same boat as Marjorie Hooley. I have not dealt with a compromise sale either. I am not so sure though that it would be easier than a short sale. The time from start to finish may be quicker than a short sale, but after dealing with many VA loans, I don't think it would necessarily be easier.