What is a Short Sale?
A short sale is not for everyone. We can help advise you whether a short sale will benefit you. A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. Although a short sale will have a negative effect on your credit, by completing this transaction, you may qualify for future credit sooner than if you allow your home to go through the foreclosure process, and you may also realize a significant financial gain if you owe much more than your home is currently worth.
In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe. While we work with you to complete a short sale, banks will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, they will report that your loan was "paid in full for less than the full balance". If Short Sale Success handles your short sale, you are virtually assured a successful short sale transacton with a deficiency waiver.
In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe. While we work with you to complete a short sale, banks will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, they will report that your loan was "paid in full for less than the full balance". If Short Sale Success handles your short sale, you are virtually assured a successful short sale transacton with a deficiency waiver.
The 5 Steps of a Short Sale
1. Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
2. The owner, or if the owner has an agent, finds a buyer who makes an offer for less than the amount of the mortgage.
3. Seller accepts the buyer's purchase offer subject to the lender’s approval.
4. Seller's lender accepts the buyer's purchase offer.
5. Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.
2. The owner, or if the owner has an agent, finds a buyer who makes an offer for less than the amount of the mortgage.
3. Seller accepts the buyer's purchase offer subject to the lender’s approval.
4. Seller's lender accepts the buyer's purchase offer.
5. Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.
Do You Qualify for a Short Sale?
The decline in market value of a property below the total debt owed on that property does not automatically qualify a homeowner for a short sale.
Banks take several factors into consideration when determining if it will allow for a short sale to occur. Qualifications for a short sale include:
The Home's Market Value Has Dropped. Comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
The Mortgage is in or Near Default Status. It used to be that lenders would not consider a short sale if the payments were current, but in many cases, lenders realize that other factors contribute to a potential default making them eager to head off future problems.
The Homeowner Has Fallen on Hard Times. The homeowner must submit a letter of hardship that explains why they can not pay the difference due upon sale, including why the homeowner has or will stop making the monthly payments. Examples of hardship are: job loss, divorce, medical emergency, you’re unable to afford your current monthly mortgage payment, or you owe more than your house is worth.
The lender will probably want to see a copy of the owner’s tax returns and/or a financial statement. Homeowners with assets may still be granted a short sale but could be required to pay a cash contribution or prommisory note.
** For MODIFICATION Information/Questions, please contact Deborah L. Priebe at JALEETER LLC dba Short Sale Success @ 702-932-7448 **
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Short Sale Success, NA | 170 S. Green Valley Pkwy. #200| Henderson, Nevada 89012| (702) 990-4373 | (800) 993-9303
Short Sale Success ™ is a Trademark of Short Sale Success, NA and Deborah Priebe. © 2013 Short Sale Success, NA. All Rights Reserved.
Short Sale Success, NA | 170 S. Green Valley Pkwy. #200| Henderson, Nevada 89012| (702) 990-4373 | (800) 993-9303
Short Sale Success ™ is a Trademark of Short Sale Success, NA and Deborah Priebe. © 2013 Short Sale Success, NA. All Rights Reserved.