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About Short Sales
What Is A Short Sale?
A Short Sale is when a lender, through negotiations, accepts less than what is owed on the property, and releases the lien against the property.
If you are delinquent on your mortgage(s) you will receive tons of information, some not so good, from many people who want to take advantage of your temporary misfortune. They will attempt to scare you into making a hasty decision by giving you misleading information. Never sell or deed your property to them.
What Are Your Options?
Some of your options are:
- Refinance
- Sell Your Property
- A Short Sale
Refinance
- Refinance, You can refinance the property and pay off the loan, or you could enter into a Forbearance Agreement with your lender.
- Deed in Lieu, this is where you deed your property to the bank and walk away, however this may leave you with a deficiency judgment, and if you have other liens against the property you could still be sued for these debts. Whereas in a Short Sale you are forgiven these debts (in most cases).
- Bankruptcy, this route generally only delays the sale of the home.
Sell Your Home
- You can sell your property if you have enough equity in your property and can wait for the property to sell. As a full time real estate professional I can assist you in the sale of your property.
Short Sale
If you owe more than the property is worth, I can negotiate a sale through your lender, on your behalf, that would be for less than the amount owed on your mortgage. And remember that the bank would pay all of the costs associated with the sale. And in (Most Cases) the Lender Pays All of The Closing Cost Associated With The Sale of Your Property. IE, Realtor Commissions, Title Transfer, and Escrow Fees.
Benefits to the Seller:
- Gets to live in the property during the short sale process.
- Have plenty of time to make moving and relocation plans.
- Possible lease back of the property if purchased by an investor.
- Can avoid a foreclosure showing up on sellers credit.
- May be able to avoid bankruptcy.
- Do not have to pay attorney fee's.
- Do not have to pay Realtor's Commissions.
Benefits to the Lender:
- A short sale does not cost the bank as much as a foreclosure.
- Property is kept in good condition.
- Bank does not want to own your home.
Why Work With A Realtor?
- Realtor's know the value of homes in community.
- Getting a Short Sale approved is a very complicated, multi-step process, that requires knowledge of the local real estate market, the ability and experience to negotiate with the lender.
- Protect your personal information. You do not want buyer's working directly with lenders.
- Professional representation for the seller, in most cases Realtor fee's paid by the lender.
If you decide that a Short Sale is the best option for you, please contact me without delay. It would be pleasure to represent you as your Realtor.
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