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We are trained short sale experts. If you need help understanding your options don’t hesitate to call, we offer a free informative consultation with absolutely no obligations. We will empower you with the knowledge you need to make the decisions that are best for you. In our business model it’s people first. We look forward to helping you move on to the next chapter in your life.
Short Sale FAQs
WHAT IS A SHORT SALE?
A Short Sale is when you need to sell your home but its worth less than what you owe the bank. Hence the term “short”. Some common reasons you may need to sell your home are job loss, divorce, medical bills, job relocation, interest only loans or reduction in household income just to name a few. So instead of letting the home go to foreclosure we can ask the bank to accept less money than what you owe them and release you from title on the home.
I’M EMBARRASSED! CAN’T I JUST LET THEM TAKE THE HOUSE ? OR FILE BANKRUPTCY?
You’re not alone so no need to be embarrassed. Everyone is struggling in this economy. If you just let your house go to foreclosure did you know the bank could come back for all the money they lost on your home years later? If you do a short sale we have a chance to get that possibility eliminated or in the very least reduced vs. the amount due from a foreclosure. Plus if you do a bankruptcy or foreclosure it can take up to 10 years before you can buy a home again. With a short sale it’s as little as 2 years. Plus Bankruptcy and Foreclosure are public record. A short sale isn’t recorded in the same manner so you can have more privacy.
I’M CURRENT ON MY PAYMENTS BUT MY HOME VALUE IS UNDER WATER. IS THERE ANY WAY FOR ME TO REFINANCE?
Yes, HARP, Home Affordable Refinance Program. This is for homeowners who are current and backed by Fannie Mae or Freddie Mac. Even if your home is valued for less than what you owe you can take advantage of lower interest rates and even reduce the number of years on your loan. As of 10-24-11 they are extending the program to December 2013.
HOW LONG DOES A SHORT SALE TAKE?
It does take some patience. Your best case scenario is about 4-6 months but it can take up to a year depending on your lender and if you have 1 or 2 loans. However, we are here to handle those details for you so you don’t have to worry. That’s why you hire a trained expert!
CAN I STILL DO A SHORT SALE IF I HAVE A 2ND LOAN OR A HOME EQUITY LINE OF CREDIT?
Absolutely! Happens all the time.
DO I HAVE TO BE LATE ON MY MORTGAGE TO DO A SHORT SALE?
Not necessarily, we have closed short sales in both scenarios.
WILL MY CREDIT SUFFER FROM A SHORT SALE?
Yes, but you can recover quicker than from a foreclosure or bankruptcy. So if you are in trouble a short sale is your best bet for the quickest recovery and least impact.
WILL I EVER BE ABLE TO BUY ANOTHER HOME?
The quickest way back to homeownership is with a short sale over a foreclosure or bankruptcy.
I HAVE DONE OR I AM IN THE PROCESS OF DOING A LOAN MODIFICATION. CAN I STILL DO A SHORT SALE?
MY HOME IS GOING TO FORECLOSURE, CAN I STILL DO A SHORT SALE?
Very possible! Sometimes we can get the bank to postpone your sheriff sale date. The sooner you contact us the better chance we have to see if we can salvage the sale.
WHAT IS A DEFICIENCY?
It’s the difference between what you owe and what the bank is receiving. For instance you owe $350,000 but market value is $300,000. The deficiency is the $50,000 difference plus expenses. The bank covers most of your expenses on a short sale. Usually including Realtor, Attorney, Title fees and more….
HOW MUCH MONEY DO I NEED TO HIRE YOU AS OUR AGENT?
Our fees are covered as part of the short sale package.
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