SHORT SALE FORECLOSURES
Avoid Foreclosure
Are you a homeowner under distress, worried about your financial situation, perhaps with a financial hardship and you seriously need to sell your house to avoid foreclosure? Have you received a notice from your mortgage lender because you are behind on your house payments, or even received a notice of default (foreclosure) from your lender?
You may be up against a deadline to sell your house, which creates more stress for you. Maybe you don’t have the equity to pay realtor fees, closing costs and pay off the mortgage. And what if you don’t have the money to make repairs and cosmetic improvements to get the house in sellable condition? Or, it could be that homes are still being built in your neighborhood or that there are a lot of homes for sale that will compete with yours. And, if you’re trying to sell in a down market like today, it gets even tougher! YOU HAVE OPTIONS ….
First of all, contact your lender/s and explain your circumstances and why you are unable to make your mortgage payments. Ask them to help you with alternatives such a loan modification. If you need to get out from under your current house, let’s try to save your credit, this means NO FORECLOSURE, consider this ….
When a lender agrees to a loan payoff of less than what’s owed on the mortgage, this is called a Short Sale. In other words, the lender agrees to take a loss rather than go through a foreclosure on your house. The foreclosure process can be very expensive for the mortgage lenders. These are some of the costs involved:
* Thousands of dollars in attorney fees.
* Thousands of dollars in lost interest.
* Appraisal Fees
* Realtor commissions
* Taxes and insurance
* Repairs and maintenance
* Too many foreclosures can impact the financial status of the lender.
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For more information about short sales, download the article The Benefits of a Short Sale.
We list the house at a fair market value (usually much less than what you owe), find a buyer, obtain an offer, work with your lender to get short sale approval, we submit appropriate documentation, and negotiate the price and terms of the short sale agreement. This is all at no cost to you. All closing costs are paid by the lender, including our commission. In order to cut their financial loses and in consideration of your financial hardship, they pay all the costs associated with the final sale.
As experienced short sale specialists, we have helped home owners avoid foreclosure by negotiating short sales ranging from $60,000 to $1,000,000. A short sale can be accomplished, no matter what the value of your home is. Should you decide to pursue a short sale, please consider the following:
- Allow you to avoid foreclosure.
- Allow you to sell your house "as-is" without spending money for improvements.
- Alleviate the stress and anxiety of foreclosure.
- Delay a foreclosure sale to allow time for a short sale.
- Allow you to buy another home usually within two years. It’s at least five years for a foreclosure.
- Save your credit - it will be bruised, not ruined as with a foreclosure.
- Take a longer time than a traditional transaction, patience is required.
- Not provide you with any money at closing.
Is a Short Sale is Right for Me?
Call either Gayle or Rita and we can discuss your situation. Without pressure, we can answer your questions and then you can make an informed decision. If you prefer, please complete the following information about your circumstances, and we'll contact you.
