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Short Sale

  • Does your firm handle short sales?
    • Yes, we have short sale experts licensed by the Bureau or Real Estate
  • Why not just use a straight real estate agency for a short sale?
    • The short sale process does not stay a foreclosure. Mortgage banks usually have different departments which don't always work hand in hand. While the negotiation process is taking place it may be necessary to find legal cause of action to stay the foreclosure and filings with a court which would require an attorney
  • Why would a lender agree to a short sale
    • When the property has become worth less than what is owed on it, it may become advantageous to the lender to get back what they reasonably can by an existing sales contract.
  • What is involved in retaining your firm to handle a short sale?
    • You must list the property for sale through our real estate sale agent. There are no additional fee's other than the standard realtors commission due upon completion of sale of the real estate
  • What is the difference between a loan modification and a short sale?
    • In a short sale greater emphasis is placed on the value of the property. Many of the same principles regarding proof of inability to pay the non-modified or modified mortgage come into play.
  • Why should I choose a short sale over a foreclosure?
    • Whether you should do a short sale or let your property go to foreclosure depends on several factors. In most instances, a short sale makes more sense than foreclosure. In general, when you want to obtain a loan to purchase a property in the future, more opportunities will be available to you if you do a short sale. And, contrary to popular belief, you can be current on your payments and still do a short sale. In fact, if you are current on your mortgage through a short sale, you can qualify for an FHA loan afterwards without any waiting periods. The same option will not be available following a foreclosure
  • How long does a short sale take?
    • The short sale process is complicated and time-consuming. It can take several weeks, or even months, to get a short sale approved. Many lenders have several layers of management, insurers, and investors that will have to be satisfied before a short sale is approved. As a homeowner, it is important to be patient during this long process. It is also critical that you work with a short sale negotiator who is familiar with the various requirements of individual lenders to ensure that the process moves as quickly as possible.
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