Are you Facing Foreclosure? Are you considering A Short Sale? What is a short sale?
Home sellers usually consider doing a Short Sale when the market value of their home is LESS than the amount owed on their mortgage. For example, if your home is worth $200,000 but you have a loan of $240,000, then a short sale can be considered.
Benefit from Processing with us
1. The number one reason why people use us is we get short sale results. We have established relationships with many lenders to expedite the process and we have processed hundreds with banks similar to yours, And we have references.
2. We have relationships with cash buyers. This will allow us to put an offer in immediately. By doing this, we will be able to process the short sale faster. Remember, a bank will not consider a short sale until an offer is made. Bottom line we save you 2 months plus.
3. We have relationships with banks. These relationships will allow us to process the short sale quicker and allow us to discount the mortgage deeper.
4 . In most cases we work with lenders to either waive the deficiency judgement so they wont pursue the homeowner after the sale goes through for the losses.
5. We will explain the process thoroughly and show homeowners how to avoid paying the debt forgiveness tax after a short sale goes through.
7. Our team is available to discuss this with you and answer any questions you have.
8. We are local experts. We will have a representative meet you face to face to help you decide what will be best for you.
Let’s face it: the lenders for the past half century know that 5-10% of their borrowers will face a hardship such as loss in income, loss of a job, divorce, unexpected medical bills, death of co-borrower, job relocation, etc. And they know that these typically long-term hardships restrict borrowers from paying the mortgage payment in full.
Although lenders do not want to do short sale and take a loss, they are acutely aware that a foreclosure often takes years and costs significantly more. And in the end, once they own the property, they have to sell it for what its currently worth anyway, and pay to foreclose the home with all closing costs to resell it, so that they can maintain the home after they foreclose. Not to forget, they also have to pay commissions when they eventually resell it. Add this to the fact that housing values may decrease and the home’s condition may deteriorate, or it may even get vandalized. This is why it is often in the best interests of banks to solve their problem loans as quickly as possible.
With a short sale, a property can be sold and the loan can be taken off the homeowners’ books fairly quickly. If they pursue a foreclosure, they run the risk of the court foreclosure process taking a substantial amount of time during which the value of the property is depreciating. Many states have forced mediation laws which tie up the court process for a year or two. Add this to the fact that lenders know that a borrower may file for bankruptcy, be discharged of the debt entirely, and force a stop to legal proceedings while the bankruptcy court decides the case.
Also, buyers will write low ball offers when they know that a bank owns the property. These banks often make it hard for buyers to buy it since they have very restrictive addendums in the sales contracts forcing buyers to buy in as-is condition. Plus, they typically don’t make repairs, making it hard for buyers to get regular loans.
Finally, the banks are not in the property management business, as frankly, it’s not their area of strength. If they foreclose, they will have to maintain the lawn, keep the utilities running, and buy expensive vacant property insurance. And when they resell, they will have to list the home and pay a commission anyway, like we said.
So, you can see why most banks and lenders want to go the short sale route and get the loan paid off with minimal hassle.
Please fill out the form on the top right or call us now for a free private confidential call. There is absolutely no cost to you.. So why not create more options for yourself?
We get results and you will be glad you did. To Get Started Simply click the Get an offer Link below. Remember there is no obligation on your part and there is no cost to you to simply get an offer. Or if you prefer give us a call at 800-404-7184
How the Short Sale Process Works Basically after discussing your personal situation and answering any questions most lenders require (which we will provide) a hardship letter, 2 months of bank statements, 2 most recent pay-stubs & 2 prior year tax returns (only if you filed). We work with them to submit these items with an offer. Typically they will assign a short sale negotiator within 30 days and order an appraisal which they then use to determine how much to accept. In the mean time they typically hold off on the foreclosure until a decision is made. Once they accept the short sale and the offer they then will fax a short sale approval stating the conditions. Typically they pay all the closing costs, they accept less than what is owed, they stipulate also that they wont pursue the borrower for any losses (called a deficiency judgement).
5 Things Most People Don’t Know about Short Sales
- Banks will accept less than you owe on the mortgage which is what a short sale is.
- Banks will put in writing that they will not come after you for the losses refered to as a deficiency judgement.
- Banks will pay all the closing costs in most cases to include any real estate commissions, transfer taxes, hoa/condo fees, attorney / settlement agent fees, liens for taxes and water bills, and other liens on the home for example credit cards, etc (usually lien holders will have to accept a discount).
- Banks will often pay relocation assistance to sellers
- You Will typically be able to buy another home if you wish in 2 – 3 years from the sale of your short sale home.
Here’s what you CAN expect from us:
- Get a Guaranteed home sale – at a competitive, agreed upon price.
- Home purchased in “As-Is” condition – no need to make any repairs or improvements.
- Fast and hassle free – we will send you an offer typically within hours.
- No 6% Realtor® fee– you can save $1,000s in fees.
- If you are behind on payments and have no equity we can show you several solutions.
- Call you within 24 hours with a competitive offer.
- We are Local.