Short Sale Assistance | Fast Closing and Max Relocation Incentive
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Short sales are excellent ways to avoid foreclosure. In a short sale, the homeowner makes an agreement with the mortgage lender. The mortgage lender agrees to sell a property at a price that is less than the amount a homeowner owes on the property. Typically, the lender agrees to forgive the rest of the loan.
What Exactly Are Short Sales?
Short sales, also known as per-foreclosure sales are options used by some homeowners when credit unions, banks or other credit lenders that they have borrowed from provides them with the option of selling their property to a third party (lender). The property is sold at a price that is much lower than the amount that the home owner owes the mortgage company.
Short sales are of two types: deficiency judgment and payment in full pursuit of deficiency judgment.
In deficiency judgment, the homeowner is held liable to pay the mortgage difference left after a short sale. It’s important to note that the deficiency judgment information is left in the homeowner’s credit report until the mortgage balance is cleared. A short sale of this nature usually takes a long time to pay off.
In the payment in full pursuit of deficiency judgment, the homeowner does not need to worry about the amount of balance left after the property has been sold. This means that once the property is sold, the homeowner is free of mortgage debts.
Custom Mortgage Solutions:
Expert Short Sale Team ready to get your transaction approved and closed
Short sale process will cost nothing to you. We are here to help.
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Free consultation with short sale specialist.
Free submission and negotiation with your bank.
We negotiate the maximum relocation money for you.
call us at (877) 976-5669
There are many benefits of considering a short sale.
- Short sales eliminates your mortgage debt. Once your property is sold, you are free of debt. When you sell because of a hardship related to finances, your debt will be eliminated. Fannie Mae, Freddie Mac, FHA, USDA, and/or VA have implemented special policies that your short sale debt will be erased completely.
- Your will be able to purchase another home quicker compared to a foreclosure. Most lender including Fannie Mae and FHA insured programs allow you to buy another home in about 2 to 3 years compared to 4 to 5 year if you have a foreclosure.
- Short Sale transaction are free to the seller. A real estate short sale will costs you nothing because the selling party will end up with nothing, all the proceed go to the bank so the bank is incurring the costs. The costs associated such as title insurance, attorney fees, agent commissions, and back taxes are all taken for the proceeds that the bank is getting.
- Minimal Effects on your credit. The advantage of a short sale over a foreclosure is that your loan will appear as paid on your credit history therefore your credit improves faster with a short sale compared to a foreclosure.
- Renting a new home can be less then your previous mortgage. Homes are less expensive now and renting them is also less expensive.
- Avoid making payments while going through short sale process. Short sales take 3 to 24 months and if you are unable to make mortgage payments during the short sale process, you don’t have to. Avoiding the mortgage payments can become your new savings and to apply towards other financial requirement you may have.
- Relocation assistance as cash at closing. Cash incentives from $2,000 to $35,000 are available to qualified borrowers and are paid by the lender. These incentive are commonly referred to as “cash for keys” or relocation payments. This money is intended to assist you for moving costs and finding a new place to live.
- Just like any other agreement made with a lending institution, there must be qualities that a homeowner must meet before they are considered for short selling:
- A homeowner will be considered for short selling if their financial situation has changed. The homeowner may have lost their job or their businesses closed and they can no longer repay the mortgage
- Another reason why a homeowner will be considered for short selling is if the homeowner shows ample proof that they are unable to make future property payments.
- The homeowner will be considered if their realtor can provide a comparative market analysis (CMA), which aids in determining the real value of the property.
- In addition, a homeowner will be considered if they are willing to sell the property but the property’s market value has dropped.
- Furthermore, the homeowner will be considered if their liabilities cannot be handled through a debt service. Here, the homeowner’s liabilities must be large.
- Finally, the homeowner will be considered if their mortgage payments are one or more months delinquent.
If you are a homeowner and you have hit hard times thus you can no longer repay your mortgage, the best way out is to use short sales.
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