Short Sale

6 . We will work with the lender to be sure the homeowner does not have to bring any money to closing. We work with the banks to pay any attorney fees, transfer taxes, property taxes, real estate commissions, 2nd or third mortgages liens.

Let’s face it: the lenders for the past half century know that 5-10% of their borrowers will face a hardship such as loss in income, loss of a job, divorce, unexpected medical bills, death of co-borrower, job relocation, etc. And they know that these typically long-term hardships restrict borrowers from paying the mortgage payment in full.

Although lenders do not want to do short sale and take a loss, they are acutely aware that a foreclosure often takes years and costs significantly more. And in the end, once they own the property, they have to sell it for what its currently worth anyway, and pay to foreclose the home with all closing costs to resell it, so that they can maintain the home after they foreclose. Not to forget, they also have to pay commissions when they eventually resell it. Add this to the fact that housing values may decrease and the home’s condition may deteriorate, or it may even get vandalized. This is why it is often in the best interests of banks to solve their problem loans as quickly as possible.

With a short sale, a property can be sold and the loan can be taken off the homeowners’ books fairly quickly. If they pursue a foreclosure, they run the risk of the court foreclosure process taking a substantial amount of time during which the value of the property is depreciating. Many states have forced mediation laws which tie up the court process for a year or two. Add this to the fact that lenders know that a borrower may file for bankruptcy, be discharged of the debt entirely, and force a stop to legal proceedings while the bankruptcy court decides the case.

Also, buyers will write low ball offers when they know that a bank owns the property. These banks often make it hard for buyers to buy it since they have very restrictive addendums in the sales contracts forcing buyers to buy in as-is condition. Plus, they typically don’t make repairs, making it hard for buyers to get regular loans.

Finally, the banks are not in the property management business, as frankly, it’s not their area of strength. If they foreclose, they will have to maintain the lawn, keep the utilities running, and buy expensive vacant property insurance. And when they resell, they will have to list the home and pay a commission anyway, like we said.

So, you can see why most banks and lenders want to go the short sale route and get the loan paid off with minimal hassle.

Please fill out the form on the top right or call us now for a free private confidential call. There is absolutely no cost to you.. So why not create more options for yourself?

We get results and you will be glad you did. To Get Started Simply click the Get an offer Link below. Remember there is no obligation on your part and there is no cost to you to simply get an offer. Or if you prefer give us a call at 800-404-7184

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How the Short Sale Process Works Basically after discussing your personal situation and answering any questions most lenders require (which we will provide) a hardship letter, 2 months of bank statements, 2 most recent pay-stubs & 2 prior year tax returns (only if you filed). We work with them to submit these items with an offer. Typically they will assign a short sale negotiator within 30 days and order an appraisal which they then use to determine how much to accept. In the mean time they typically hold off on the foreclosure until a decision is made. Once they accept the short sale and the offer they then will fax a short sale approval stating the conditions. Typically they pay all the closing costs, they accept less than what is owed, they stipulate also that they wont pursue the borrower for any losses (called a deficiency judgement).

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5 Things Most People Don’t Know about Short Sales