avoiding
foreclosure
short sales
A Short Sale is an agreement by which the lender agrees to accept a payoff amount that is less than what is actually owed on the mortgage loan. As such, the homeowner cannot receive any proceeds from the sale of the property and the lender will pay all the cost associated with the sale of the property, including the real estate commissions, escrow and title fees, as well as some of the buyer’s closing costs in some cases. In some situations, the lender will provide relocation assistance to the homeowner which is one of the main benefits listed below.
short sale process for sellers
Initial Consultation
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100% Free no obligation consultation with our Short Sale expert to assess homeowner’s situation.
Initial Contact with Lender
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Realtor contact Lender for Short Sale Requirements package
Paper Work
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Complete hardship letter & gather required financial documentation… -
All required documentation is submitted to the homeowner’s lender
home is marketed
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Home is listed and marketed for sale
offer received
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Updated financial paperwork requested from the seller -
Offer submitted with short sale package -
Bank orders a BPO( Short Sale version of an appraisal)
Bank Review
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Bank will review offer -
Bank may request additional information from the seller or buyer
negotiation
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Bank may accept offer -
Bank may counter offer on price and/or terms until an agreed upon price is reahed.
approval
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Letters of approval received from lender(s) detailing all cost and closing date -
Buyer closing timelines (including financing & inspection) begin
closing
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Transaction is completed -
Seller has successfully resolved their foreclosure situation. -
Seller has been released from any financial obligation.
Benefits for the seller
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The service is 100% free -
Delay or stop foreclosure. -
Avoids foreclosure and homeowner is released from all of the default mortgage obligations with the lender. -
Our clients have the ability to salvage their credit and future creditability by successfully short selling their home. -
Less negative impact on your credit rating. -
Most importantly you’ll get your life back and have peace of mind knowing that your situation will be professionally handled resolved permanently.
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Homeowner’s that have successfully sold their home via short sale have the ability to purchase a home within 12-24 months if your remaining debt with creditors are in good standing. -
Possibility of securing relocation assistance to help you relocate of up to $10,000.00. *Varies, based on specific programs and the type of loan that you have. -
Mortgage Forgiveness Debt Relief Act of 2007 alleviates any deficiency judgment. -
Assistance with finding a new place to rent.