Perhaps you are a candidate for a Short Sale :

Do you owe more than your house is worth ?
Are monthly bills, including your mortgage payment a real struggle to pay ?
Are you using up all your savings just to try and keep current with bills ?
Are you behind in your bills because of a personal or financial hardship ?

If the answer is yes to any of the above ,then you would probably greatly benefit from a Short Sale.

What is a Short Sale?  The short sale , where a lender accepts less than the amount of the loan, is becoming a common occurrence in the current real estate market. Sellers are finding that a short sale, unlike a foreclosure, will do far less damage to their credit and their future. Depending on individual reasons credit can be repaired in 1 to 2 years with a short sale versus 5-7 years with a foreclosure. Additionally, in a foreclosure, typically the lender gets a deficiency judgment against the seller for any monies they lost of the property. the lenders will continue after the foreclosure to try to collect this money owed to them. However ,in a short sale the lenders usually forgive all or most of the monies they lose.

Benefits of a Short Sale

Credit scores will typically drop only 80-100 points and can be removed in only
1-2 years  vs a foreclosure can drop your score 200-300 points and stop you from buying a home or other items for 5-7 years

Possibility of buying another home before doing a short sale on your existing house

Possibility of avoiding a judgment and still owing the lender money after the process

If you go into foreclosure, most foreclosures will cause you to file bankruptcy do to the judgments owed to the lenders

Can you do a short sale on your own ?

Lenders want to see that the home is listed for sale with a Realtor in the MLS to ensure it is being sold for top dollar. Also, the lenders will require a lot of information, including financial info, from the Sellers as well as a good reason why they can no longer afford the payments or pay the shortage. Another factor is we as Realtors have access to all the info to prove to the lender what the real value is in today's market. It is very important on how this information is provided to the lender or lenders, if there are first and second mortgage.

The right way to do a successful Short Sale

Choose a Realtor that has experience with Short Sales. There are too many agents out there that do not have the experience or patience and many other Realtors with buyers will not show Short Sales that are listed by agents that do not have the experience with Short Sales. We have been successfully closing short sales for years.

We will find a buyer for your property, help you gather all the necessary information and contact the lender and negotiate for you on your behalf. It is important to realize that lenders today are overwhelmed by thousands of short sale requests. It's therefore critical that the Realtor you select has the knowledge and experience to submit a short sale package that meets the lenders requirements. The package may include financial and bank statements, paystubs, property photos, marketing history, listing agreement, hardship letter and may be 70 pages or more of information to build your case. We will also constantly maintain contact with the lender's Loss  Mitigation Department, as the process continues, to insure a successful outcome. While the approval can take 4-6 weeks the closing can happen quickly once the lender agrees to proceed.

Throughout the sale we don't lose sight of the emotions involved with having to move. We're ready to assist with your relocation and make the process as smooth as possible.

What about Buyers ?

There is a tremendous opportunity right now to select from a large inventory of agressively priced homes. However, patience is the needed as well as working with a Realtor experienced in Short Sales. We can explain the entire process and guide you to a great deal on your next home or investment.

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