Short sale basics | Housing | Finance & Capital Markets | Khan Academy
Вставка
- Опубліковано 5 бер 2013
- Courses on Khan Academy are always 100% free. Start practicing-and saving your progress-now: www.khanacademy.org/economics...
Created by Sal Khan.
Watch the next lesson:
www.khanacademy.org/economics...
Missed the previous lesson? Watch here: www.khanacademy.org/economics...
Finance and capital markets on Khan Academy: Most people buying a home need a mortgage to do so. This tutorial explains what a mortgage is and then actually does some math to figure out what your payments are (the last video is quite mathy so consider it optional).
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: / channel
Subscribe to Khan Academy: ua-cam.com/users/subscription_...
As usual, Khan Academy does a better job explaining something than I ever could, even though I work in real estate.
A short sale affects your credit rating almost as bad as a foreclosure. It usually requires you to be behind on your payments. It also may take months to close a short sale. The IRS does consider forgiven debt as income, not "might." Another option, that you didn't cover, is to sell it for $120,000 and get a loan for $30,000 to cover the balance. I would rather owe the bank $30K than $150K and the payments would be more manageable. This also preserves your credit rating, if that is important to you.
I did a short sale back in 2010, and I wouldn't wish that on anyone. It is literally one of the 3 worst things that's ever happened to me. It was a long, drawn out fight, and thankfully, I was able to get most of the balance forgiven and my lawyer and I set up terms such that the most positive possible outcome was reported to credit agencies. Your loan will get reported to credit agencies regardless. The best you can get is "paid as agreed" so make that a condition of the short sale.
20 videos and landed where I should have started in the first place. I constantly underestimate all that Khan academy teaches. thank you!
It's less hassle for the bank than a foreclosure. If they foreclose, they still have to go through the process of selling the house, at pretty much the same loss, or maybe even a bigger loss if they get rid of it at auction..
Thank you for getting straight to the point
The rules of short sales are governed by the state you live in. If you live in a single-remedy state (like Washington State), the bank can EITHER take the house (foreclosure) OR they can sue you for the balance of the loan. However, there are also dual-remedy states (like Virginia) where the bank can BOTH take the house AND sue you for the balance. Be sure to talk with a good lawyer in your state to see which rules apply and plot your best course of action if the short-sale effort fails.
I just would like to know what software did you use to do the writing in the video ? very well explained too thanks for the share and the answer
Good point, and I now understand.
awesome, thank you for the video.
dont think of it in terms of the traditional "I hired a walk in off the street" employer-employee dynamic. a group of friends go into business together, they collude and conspire to maximize their own profits at the expense of everyone who isnt part of their clique.
Thanks man
Very simple and understandable explanation
Amazing explanation
Great video!👍🏼
It's kind of like picking the lesser of two evils for the bank, should they choose to....either forgive $30k or deal with a borrower that forecloses on a $150k loan.
In order for someone to owe a bank, the bank would have to lend the "borrower" some money first. Banks don't lend money. They use you to create currency. There is no consideration put up by a bank.
I’d be more inclined to purchase a foreclosure vs. a short sale home. As the buyer, you are at the mercy of the bank agreeing to the short sale. No way I’m falling in love with a house that the bank could hold out for on your offer.
The "loophole" is the exact same loophole that's in our Federal Reserve
a instant 120K payment in one year instead of many years ;-)