Have you experienced Mortgage payment challenges?
Explored Possible Options?
Received a Foreclosure notice on your home?
If you can answer "YES" to any of these questions I encourage you to call me today to learn more about how a "short sale" could be a potential option to consider.
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale, it means the lender is accepting
less than the total amount due. Not all lenders will accept short sales or discounted payoffs. Not all sellers nor all properties qualify for short sales.
Over the past few years of processing and negotiating short sales I have developed a “short sale” strategy. This strategy has allowed me a 98% success closing rate. Over
half of my sales in the past three years have been short sales. I negotiate directly with the bank on your behalf. Through my experiences in processing short sales I know all the requirements the lenders seek. I have developed contacts with most lenders and service providers to be able to efficiently process your short sale.
UNDERSTANDING A SHORT SALE
What is a short sale?
A short sale program that allows the homeowner to sell the home for less than the amount owed on the mortgage. Because a short sale is for less than the amount owed,
a deficiency balance may result.
How can I be considered for a short sale?
You may be eligible for a short sale if you have an involuntary hardship and can no
longer afford your monthly payments on your mortgage, or you're unable to sell your home for the full amount owed on your mortgage.
How can I benefit from a short sale?
You avoid foreclosure sale. You can live in your home until the new owner closes, giving you time to make other living arrangements. A foreclosure sale will be postponed once a written, signed offer is received and approved by the bank. Also you might be eligible for a seller incentive.
Once you decide that a short sale is the way to go, as your Realtor, I will help you through the steps needed to achieve this goal.
HOW DOES A SHORT SALE WORK?
1. Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
2. Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
3. Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
4. Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). As your real estate agent I will prepare a CMA for you, which will show prices of similar homes Pending sales and Sold's from the past six months.
5. Purchase Agreement & Listing Agreement
As your real estate agent when I obtain an agreement to sell your property with a prospective buyer, the lender will want me to send them a copy of the offer, along with a copy of our listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.
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