Short Sale

I have successfully assisted homeowners in the short sale process for over 10 years.
When to consider a short sale? If you can no longer afford your mortgage and your home is worth less than the loan amount including past due payments, 1st and 2nd mortgage and any liens on title, then you may want to consider Short Sale.
The short sale process petitions the lender to allow you to sell your home at current market value even if it is less than what the current mortgage amount is.  The lender will require you to have a realtor facilitate the transaction.
The realtor will also provide pricing guidance to the lender and notify the lender of any property condition items that can affect the value.  The home then is placed on the market at the pricing the lender will accept and sold to a new buyer. The transaction must be “arm’s length” meaning that you cannot know or be related to the buyer in any way.  In the Short Sale Process, the bank agrees to accept the terms of the sale and take a loss to allow you to avoid foreclosure and the title can transfer successfully to a new buyer.

In the Short Sale Process the lender will agree to the terms of the contract submitted on your behalf by the Realtor. They typically will  pay some closing fees and agent commission from the proceeds of the sale. You should also request the lender to pay you a “relocation fee” to assist you with moving expenses if you occupy the home and it was your primary residence.

The lender will expect you to cooperate with them and submit all documents, application and financial documents in a timely fashion including your income, bank statements, tax returns etc. to make a decision.

It is always best to work toward any option that will avoid foreclosure. Foreclosures can affect your ability to purchase another home and oftentimes obtain rental housing for many years to come.

In the short sale process the lender will allow you to select a Realtor to represent you in the transaction. It is important to work with an agent that is very familiar with the successful completion of the short sale process, the ability to resolve problems that arise throughout the process in a timely efficient manner to avoid potential foreclosure proceedings.  A short sale is a race against time to sell the home and complete lender requirements for approval. Short sales are a much more complicated process than a general transaction.
I have successfully facilitated short sale and foreclosed properties for the past 10 years and am happy to discuss your situation and help you to resolve them and move forward. Contact me today!