Short Sales
Are you facing foreclosure?
You May Have A Better Way Out!
What is a "Short Sale"?
In brief, a "short sale" is when lenders agree to take less than the total amount owed. Lenders are simply not in the real estate business, so a property in foreclosure is very costly to them.
Generally, during a sales transaction there is suffiecient money to cover the seller's closing costs (commission, title charges, escrow fees, etc.) and to payoff any existing loans and/or liens of record the owner ows less than what the house is worth, therefore generating a gain minus closing costs.
In a short sale, the opposite occurs, since the owner is "upside down" the bank covers the closing costs.
Lenders are willing to work with you if you have a legimate hardship. They understand circumstances that might lead to your personal financial state.
Do You Qualify?
- Do you have difficulty in meeting your monthly expenses?
- Do you not have enough money in the bank to cover the difference of what you could sell your house for and what you owe the bank?
- If you answered yes to either above, then you may qualify.
The Benefits of A Short Sale
- Your home gets sold and the mortgage is fully paid off. The mortgage lender accepts a discounted payoff.
- You have no out-of-pocket costs as the mortgage holder pays virtually all sales costs including title and escrow, commission, and approved property repairs.
- Your credit record is protected from a foreclosure.
The Short Sale Process - Streamlined
We have streamlined the short sale process from:
- Paperwork
- Negotiating Techniques
- Lender contact information
If you would like to explore the possiblity of a short sale for your property, avoid foreclosure, and potentially save your credit rating. Please contact me at 949-374-0303 or e-mail me at SamEdmond@aol.com