Short Sale Advantage
We help thousands of homeowners and agents across the nation short sale their properties. We understand it can be difficult for homeowners to pay their bills during a time of hardship, so there is cost for our services and no cost with our industry partners who help you with your short sale.
We have developed contacts within the banks that we utilize to assist in getting your short sale approved in a fast and efficient manner.
Benefits of a Short Sale
- A short sale has much less impact on your credit than a foreclosure
- A short sale satisfies the debt you owe to your lender(s)
- A short sale allows your home to be sold, avoiding the stress that sometimes goes along with going through a foreclosure
Our entire service plus the services through our entire network is free to the homeowner, from the initial consultation to the closing of the transaction. We are only paid by the lender after closing.
Steps In A Short Sale
- Figure out the true value of your property. Many times a real estate agent can provide a ‘market analysis’ and give you a good idea of what your home might sell for. You can also use Zillow or other real estate related sites to determine the rough value of your home. If the market is moving down keep in mind that your homes value may be moving down as well and estimated valuations may be valid for only a short time.
- You also need to calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.
- You’ll need to know how much you owe on your property. Include all loans on the property in your calculation.
- Calculate your equity. Normally the value of your home is more than the total of the loans and closing costs. If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.
- You’ll need to contact your lender and explain your situation. Be sure you talk to someone who has the authority to make the required decisions. Usually lenders have a loss mitigation department that you can contact. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some lenders will not consider a short sale until you have missed a payment or two. Some will not accept short sales at all. You’ll need to know where your lender stands with regard to short sales so contact them as soon as possible. Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to talk with an accountant or tax attorney to figure out how much money you may owe the IRS if you proceed with a short sale.
