UNDERSTANDING THE PROCESS OF SELLING A PROPERTY THROUGH A A SHORT SALE

In a short sale, the process generally involves the following steps:

1. Financial Hardship: The property owner must demonstrate financial hardship, such as being unable to keep up with mortgage payments due to circumstances like job loss, medical expenses, or other significant financial challenges.

2. Lender Approval: The property owner contacts the lender (bank) to discuss the possibility of a short sale. The lender will assess the owner's financial situation and evaluate whether a short sale is a viable option.

3. Property Valuation: The lender will usually require an appraisal or valuation of the property to determine its current market value.

4. Listing and Buyer: The property is listed for sale, often at a price lower than the remaining mortgage balance. A buyer makes an offer on the property, which is then submitted to the lender

5. Offer Acceptance: If the lender accepts the buyer's offer, a short sale approval letter is issued, outlining the terms and conditions of the sale.

6. Sale Completion: The sale is completed, and the proceeds from the sale are used to settle as much of the outstanding mortgage debt as possible. The lender might forgive the remaining debt or seek a repayment plan from the seller.

It is important to understand that each lender and jurisdiction may have slightly different requirements and processes for short sales. Additionally, local real estate laws and regulations in Nigeria will play a significant role, so consulting with a Nigerian real estate attorney is crucial for accurate advice tailored to the specific circumstances.