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Short Sale Information

 
In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives’ all or a large portion of the difference. A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price.

The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender after all sales expenses, including brokerage fees, are taken into account. In order for this to take place the lender must accept a discounted payoff; meaning the bank gets paid less than the full loan amount owed.

In a short sale, the homeowners get complete relief from all of their mortgage debt. The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating will almost immediately improve because your credit report shows that your mortgage was paid in full.

What is included in a Short Sale:

  • Continued open dialogue with homeowner, real estate agent and investor/lender.
  • Produce all the necessary documentation for the bank appraisal/broker’s price opinion.
  • Proper preparation of a short sale packet.
  • Create and maintain an electronic paper trail of all correspondence with the lender. Contact Us! 

Our Short Sale Negotiator will do the following:

  • An authorization to release information will be completed so we can talk with the banks on your behalf.
  • We can provide a network of buyer’s so you don’t have to worry about getting the short sale sold.
  • We will negotiate the terms of the short sale with the lenders and any other junior lien holders.
  • We provide instructions needed for both the seller's side and the buyer's side which are required by the lenders in the contracts.
  • We will consistently update all the participating parties with the latest news.
  • We will work with buyers and their agents to explain the entire process to avoid any frustration.
  • We coordinate the escrow agent.

As you know, short sales can be a long and difficult process. Nationwide, only 15-30 percent of short sales get approved. We are giving clients everything that they could ask for: The most professional service you could ask for. You will be pleased with the results.

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916-7896-SOLD (7653)