Q: What is a Short Sale?
A: Doing a short sale is like qualifying for a mortgage in reverse. When you bought your house you qualified for your mortgage to make that purchase. Now you are upside down, owing more that you will probably ever be able to pay in your lifetime you have to show your lender that you can no longer afford your home. The same documents collected when you applied for your mortgage, are the same documents required to show you can no longer afford your mortgage.
Q: Can any agent handle a short sale?
A: My experience affords me the ability to assist you, more so than some of the other agents out there. I was a loan officer with a major bank, and also a branch manager in a finance company both companies were fortune 500 companies and household names. I then became a mortgage broker owning, managing and operation my own company for several years until I decided to focus solely on the buying and selling of real estate. In addition, I am a Certified Distressed Property Expert and Short Sale and Foreclosure Specialist.
How Long Does the Shore Sale Process Take?
A: Short sales where long and extremely frustrating to process in the past recent years, but the government has put pressure on the major banks to working with the consumer to resolve their pain. Short sale are being processed in a much shorter time period but the experience real estate agent is obtaining approval within a 30 day period from receipt of a contract in some cases. This depends on who the lender is holding the mortgages. Usually, the better the package the quicker the process.
Recently, I obtained an approved short sale on a property that had two mortgages on it within 10 calendar days. The selling agent for the buyer was surprised as was my sellers. It was my experience that assisted in the processing of the short sale. Please bear in mind not all cases are the same and it also depends on which bank the loan is with.
What is Key For a Short Sale to Succeed?
A: In processing a short sale, pricing the property , and submitting a complete and unquestionable package is key. You are already under stress by your financial situation, why choose an agent with no experience.
Some agents use short sale processing companies or attorneys. I do not. I know my customer and care for their well being and I feel I am the best one to present their case to the bank for them.
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