Short Sale Seller
What is a short sale?
A short sale in real estate occurs when the outstanding loans against a property are greater than what the property can be sold for.
What if my home is worth more than my loans, but I could not pay the closing costs?
That can still be a short sale.
If I sell my home short, can the bank come back after me for the money?
NO. We can secure a full release for you at closing.
Who will pay the commission?
The bank will. You will pay $0.
How much work will this take?
Not much for you. We will ask you to gather certain financial information and forms for us. We will handle the negotiations with your banks.
Will my neighbors, friends or family know?
NO. Unlike a foreclosure, (which is public knowledge) the short sale private.
If I am going through foreclosure, can I do a short sale?
YES. In fact, the bank will be more than happy to work with you on a short sale. It is to the banks and your advantage to work out a short sale.
Why is it to my advantage to do a short sale?
A foreclosure will hurt your credit far far more. In fact, many banks DO NOT report a short sale.
Can I stay in my house until the short sale is completed?
YES. You will not have to move out until the closing.
Short Sale Buyer
I want to buy a short sale, now what
We will pre approve your loan and work with the realtor, lender or seller to get the short sale escrow open and moving forward.
Who pays the closing cost if I purchase a short sale?
We can still require the selling lender / bank to pay all of your closing costs..
How do I know what the mortgage balance on the property I am interested in is?
CALL US we can look up the balance on any property.
How long does a short sale take from start to finish?
The process of a short sale typically takes 14 - 21 days to get an answer from the existing lender or bank.
What if the home is in foreclosure?
Then we need to move real quick, we can assemble a short sale package and submit it within 24 hours.
How do you specialize in short sales?
We work with buyers and sellers everyday, we have contacts with all of the bank and lender asset managers.
What if the area I am buying in is a declining market?
That's OK we can provide FHA financing with 3% down and this can be a gift.
How do I get the process started?
Simply Apply Online and we will email you are complete approval package today.
Apply Online
1: The Short Sale. The Short Sale is named such because the home is being sold for less than what is owned the Bank or Lenders (there can be and often is more than one mortgage). A short sale can be a long slow process, as it has to follow a process. First the homeowner must agree to sell the home for less than what is owed and next the bank must agree to accept less than what is owed. Even if the homeowner lists the home and a contract is accepted it is still contingent upon the bank being willing to accept the short payment. This process should begin quickly, do not wait until your home is scheduled to be foreclosed and you are evicted.
2: A Foreclosure: This will occur when the home owner is behind in payments and is not willing to or can not catch up on payments and just lets the bank proceed with the foreclosure. A notice is sent stating that the owner is behind in payments, then another notice stating that unless they catch up on payments or make other arrangement a "Notice of Default" or "Les Pendence" may be filed ( the Official notice that the bank is going to foreclosure) then another notice of a court hearing then if found in default the home will be foreclosed and the home owner evicted.
An average foreclosure can cost a bank $10,00 to $300,000. This is another reason a bank is willing to accept a Short Sale, as there loss will not be as great.
3: R.E.O. This is short for Real Estate Owned: This is real estate that has been foreclosed and the bank now owns. No matter what you have been told a bank does not like to own real estate through foreclosure. They now have a bad loan on the books and have bared the expense of all the legal fees and the time and cost to foreclose on the home.