What is a Short Sale and can it help you?

Yes, a short sale is the sale of real estate in which the lender allows the proceeds to fall short of what the owner still owes on the mortgage. Banks and mortgage companies are not in the business of owning real estate through foreclosure. They stand to lose more money by foreclosing on your property than selling it at a loss without taking over possession.

We understand that defaulting on your mortgage is a difficult situation, a very recent national epidemic. You are not alone! In fact, many people are heading into default, or are already in foreclosure. What many people don’t realize is that they have an option. A short sale is an alternative to foreclosure. You may qualify if you...

  • Owe more on your property than it is actually worth, including payment of real estate taxes, agent commissions, closing costs, late payments, interest, insurance, etc.
  • Have difficulty covering your monthly expenses.
  • Do not have assets to cover the expected remaining balance of your mortgage after the sale and associated costs (mentioned above)

Why begin a Short Sale? 
A short sale is a wise alternative to foreclosure. Conducting a short sale minimizes damage to your credit. Foreclosures may stay on your credit for up to seven years and can make it difficult to obtain another mortgage and various other types of secured (i.e. home and auto loans) and unsecured loan (i.e. credit cards and student loans) types. Some common reasons for foreclosure are:

  • Loss of income or job
  • Increase in living expenses
  • Unexpected medical or home repair bills
  • Depreciating real estate market
  • Divorce and/or separation
  • Mortgage Types: sub prime, adjustable-rate (ARM), zero percent down

How Can We Help?
Education and Experience. Not every real estate agent is properly trained in short sales. A poorly trained and inexperienced agent can be of disservice to those in a short sale situation. Short sales are time, labor and detail intensive. The last thing you need is an unqualified or inexperienced agent to potentially make your situation worse or give you false hope.

Representation. We assign a short sale specialist to your individual case. They will guide you through every step. Not only will they help you negotiate a short sale with your bank, they will market your home and find a buyer...the cornerstone of every short sale.

Effective Negotiation. Lenders will work with short sales we present them based on varying degrees of hardship and financial distress. It is our job to prepare and present your individual situation in an organized, factual, and personal manner. We leverage our established relationships with the lenders to effectively streamline negotiations and make an overwhelming and emotional situation as easy as possible.

Information Analysis. We help you gather, organize and analyze your financial information to support your hardship claim.

Coordination. We coordinate with loss mitigators, title companies, attorneys, other real estate agents, appraisers, insurance companies, public trustees, lien holders and any other interested party involved in the approval and execution of your short sale on your behalf.

Is There Enough Time?
It’s best to allow yourself as much time as possible to go through the process. Every situation is different and the sooner you seek representation by an agent the sooner your situation can be evaluated.