• Are you having difficulty making your mortage payments?
• Do you have an unreasonable loanor a rate adjustment?
• Do you want to avoid foreclosureand get a fresh start?
• Do you owe more than your homeis worth?
Are you having difficultymaking your mortgage payments?
Do you have an unreasonable loanor a rate adjustment?
Do you want lenders to stop calling you?
Do you want to avoid foreclosureand get a fresh start?
Do you owe more than your homeis worth?
If you answered “YES” to any of these questions. We can help you – Contact us today!
What is a short sale?
A “Short Sale” is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default” has been filed. A short sale will stop the Trustee Sale which terminates the foreclosure process. The short sale process occurs when our company negotiates with your current mortgage company to accept a discount on the amount that is currently owed on a property. Banks are in the business of lending money and not owning real estate. This is what makes a short sale such a viable option for lenders and homeowners. However, many homeowners are unaware that there is a resource out there for them that will put them in a better situation when all is said and done. The Short Sale is a much more dignified solution then a Foreclosure. The Short Sale is also better for the homeowner for financial reasons and credit worthiness. Their credit is still going to take a hit by doing the short sale, but the recovery period is much shorter.
The following conditions must apply in order to qualify for a Short Sale transaction:
1. You must have a valid reason as to why you are going into foreclosure. A financial hardship has to be proven.
2. You must also be in a position where a traditional sale is not an option. In this scenario, you have no equity and you don't have the cash available to pay the difference if you were to sell your home for less than what you owe.
3. Finally, someone that specializes in short sales must obtain a lender approval to move forward with the short sale of the property. This transaction may take anywhere from 4 weeks to 6 months. Most Real Estate Agents do not understand this step; hence the low success rates when it comes to closing a Short Sale. A properly trained Short Sale Agent knows how to qualify you for a Short Sale transaction.
Prestige Real Estate Services in many cases will act as a cash buyer for your property allowing our negotiations with the lender to move much quicker and much more efficiently.
In most cases, 50-90 phone calls may occur back and forth between the lenders and the negotiators. The proper negotiation skills and documentation are required in order to have the correct presentation of the 'packet'. This will allow the lender the ability to quickly realize that you are qualified for a Short Sale. Call us today for a complimentary prequalification for a Short Sale. Call 800.515.4232.