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Short Sale is when a bank or lender accepts less than what is owed as a
payoff when you sell a property. The advantage to a bank is that they
don't have to go through the expense of a costly foreclosure. The
advantage to you is that a short sale is less devastating to your credit and
with in 2 years you could buy another home.
While short sales have been around for many decades most realtors and
homeowners are just now hearing and learning about them. Our team of
realtors have been doing short sales for many years and understand the issues
that can come up.
Selling a home this way is the same for the buyer as a normal sale with a few
exceptions. For the homeowner it is very different and requires
considerable knowledge on how the system works. As realtors handling many
short sales we have had seen many situations and dealt with many different
lender institutions.
Who Should Consider
A financially responsible owner may find that a short sale is the best way to
help them out of a distressed situation. While people think of the
subprime market when they think of people that short sale a house there are many
situations that lead to short sales.
- Job Loss
- Divorce
- Separation
- Business going under
- Military call to duty
- Relocation
- Job transfer
- Cut in pay
- Mortgage adjustment
- Medical bills
- Illness
- Death in the family
- Disrepair of the property
- Increase taxes/insurance
- Can't refinance
- Investor with non paying tenants
- Someone just decides that the house has lost too much value*
Many property owners that think that a foreclosure is the only answer would
be surprised that they are probably a candidate for a short sale. Don't
just give up and have a foreclosure on your record with our help you can prevent
a foreclosure and damage it causes.
What to expect
The main difference from a normal transaction and a short sale transaction is
that the bank is involved and will ultimately decide the contract price.
The owner (seller) and buyer can always turn it down.
Once a contract is written up and all the proper documentation is gather the
packet is sent into the loss mitigation department of the lender. Then we
will negotiate with the loss mit department to push the contract through.
Upon an acceptance from the lender(s) the rest of the transaction is the
same.
If you would like to see if this might be for you please contact us at
(314) 720-2703 or send us an email from our contact page
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