You don’t have to weather the storm alone…we can help!
What is a Short Sale?In a short sale the lender agrees to accept a payoff which is less than what is currently owed on the property. The seller has to qualify for a short sale with their lender by providing proof of hardship.
Know Your Options:Depending on who your lender is, below are some options that may be available to you from your lender. Give me a call today and we can further discuss all your options.
• Loan Modification
• Short Sale – Borrowers usually result to a short sale after all other above options have been found unsuccessful.
• Deed-in-Lieu • Foreclosure
Short Sale Steps:1. Seller signs a listing agreement subject to selling as a short sale with third-party approval
2. We market the property to find a buyer who makes an offer (offer will be less than the amount of the mortgage)
3. Seller accepts the buyer’s offer to purchase the property, subject to the lender’s approval.
4. Seller completes a short sale package that includes detailed financial information about the Seller’s hardship. We present the offer and short sale package to the Seller’s lien holder (mortgage company, bank, etc.). It typically takes 45 – 60 days to get a Short Sale Approval from the lender once the offer and package are submitted.
5. Typically 30 days from Lender Short Sale Approval the transaction closes when the buyer delivers the funds, the lender then releases the lien, and the seller delivers the deed (transaction completed)