Did You Know?

• Banks prefer to do a short sale over a foreclosure.
• Banks are not in the business of owning property and do not want to foreclose on you.
• Short sales would not negatively impact your credit as much as a foreclosure would.

What Is A Short Sale?

A short sale occurs when the homeowner owes an amount on his property that when combined with closing costs is higher than current market value.  A negotiation is entered into with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing.  A buyer closes on the property and the property is "sold short."

In the past it was rare that a bank or lender would accept a short sale.  However, due to overwhelming market changes  lenders have become much more negotiable when it comes to these transactions.  Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher.

What A Short Sale Is Not

A short sale is a way to avoid foreclosure.  However, it is not a "get out of my mortgage free card."  In order to have a short sale approved, the homeowner has to either be in or be headed for foreclosure.  This means that the homeowner has to have a valid financial hardship for why they can't pay their mortgage. 

A homeowner without a financial hardship that is upside down on their mortgage and wants to sell is not a potential short sale.  That person would be a dissatisfied homeowner.  Unfortunately,  this individual will either have to wait the market out, bring cash to closing  or find other options.

What Is A Distressed Property?

1. Property that is in poor physical condition.

2. Property that is or will soon be in some stage of the foreclosure process.

3. Property that has an owner who is experiencing a period of financial instability.

4. Property on which the mortgage obligation exceeds its current value, causing its owner to sell.

Our Short Sale service is "FREE" to you.  The lender pays all the costs involved.

 
In today's market hiring a professional is more important than ever.  Complete the form below for a "FREE" confidential consultation with no obligation.