SAVE YOUR HOME FROM FORECLOSURE!!!

If you can't make the mortgage payments but want to avoid foreclosure, there is an alternative...If you owe more on your home than it's worth and want to or have to sell...

 

Then it's time to consider a short sale...

 

What is a Short Sale? Short sales are properties that are still owned by the homeowner. They are selling the property with the expectation that the bank that holds the mortgage against the property will accept a payoff on the loan of less than what is owed against the home. These properties are usually priced competitively. The only difference between a short sale and a regular resale is that the short sale requires the sellers bank to approve the sale. They also take longer to close because they require the 3rd party approval. Once the seller accepts the offer, the offer is then submitted to the sellers bank for approval. The bank will usually send out an appraiser or a Licensed Realtor to prepare an appraisal or a BPO (Broker Price Opinion). The seller also must provide to the bank the following:

  1. Last two years taxes.
  2. Hardship letter.
  3. Homeowners financial information, Profit & Loss statement if self employed.
  4. Last two months bank statements
  5. Last two pay stubs
  6. Letter of agent authorization from the seller authorizing the agent to speak to the sellers bank on their behalf.

There are a few important things to consider before deciding to try a short sale as a homeowner.

1. It will affect your credit. You will not be able to get normal bank financing for a home for at least two years after the short sale is closed.

2. There may be tax ramifications. A homeowner should consult with their CPA or accountant before listing the home. 

3. It won't affect your credit nearly as bad as a foreclosure or a deed in lieu of foreclosure. (Call for a comparison chart)

4.Have patience. The banks are inundated with pre-foreclosures (short sales) and foreclosures right now. It takes time to process the capacity of files they get on a daily basis. It can take anywhere from 15 days up to 6 months, depending on the bank. Most banks have replenished their staff and have implemented their own platform or contracted with a platform provider to accomodate their short sales now.

5. The homeowner may be required to sign a promissory note for a fraction of the loan balance or make a cash contribution at close to one or both of the mortgage companies, but this can usually be avoided.

If this sounds like something you might be interested in, contact Dan Directly at 702-592-4663 or fill out the form below and we will contact you.

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