What is a short sale?

A short sale enables a homeowner with financial hardship and a property valuated at less than the mortgage balance to sell at a discount price negotiated with the lender. The sale of the property is subject to the lender’s approval.

What are the benefits of a short sale versus foreclosure?

In a short sale, the seller eliminates the mortgage debt burden and protects other assets, including the important credit rating, with the ability to qualify for a home loan again after 24 months. In foreclosure, the credit rating can be reduced by over 250 points, and you must wait 5 years to qualify for a home loan—with big stipulations attached.

How can I qualify for a short sale?

Both homeowner and property must qualify. Homeowner must demonstrate financial hardship as defined by the lender. The property must be devalued by market conditions, with liabilities more than the sales price.

Who pays the seller closing costs and other fees in a short sale?

The lender includes all closing costs with realtor commission in their discount.

Can any realtor handle a short sale?

No, the complex negotiations and specialized marketing require the systems, skills and aptitude of a short sale real estate expert. Many realtors are attempting to profit from the short sale market, but often lack the experience, heart, negotiating skills and focused mind needed to successfully complete the transaction and support the homeowner during this challenging time.

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It was a very difficult decision and period of my life but you helped make it possible for me to move on cleanly and to get a jump on a starting fresh. You made the whole process as easy as possible.”

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