How We Can Help You to Avoid Foreclosure -- The SaraMana preForeclosure & Short Sale Assistance Team of Sarasota, Bradenton, Venice and Surrounding FL, Gulf Coast Communities ...
Short Sales Defined - Why a Short Sale May Be Your Best Option.
A short sale happens when a lender agrees to release its lien on a property and accept an amount that's less than the mortgage balance, thus allowing the property to be sold. Why would a lender do this? Because they are not in the business of owning real estate, and if they take back the property via foreclosure they are going to have to sell it anyway. You, the homeowner, benefit from a Short Sale by getting out from under a house that's no longer worth what you owe, and the credit consequences of a short sale are much less detrimental than if you allowed a foreclosure to take place. If you keep your credit clean after a short sale, you should be able to qualify for a government backed FHA loan in as little as 24 months.
The good news for homeowners contemplating a short sale is the fact that your lender will typically take care of the closing costs, real estate commissions, back taxes, etc., as part of their settlement at closing. Why? Because if they take the property back via foreclosure and then sell it, they are going to have to pay all of those costs anyway. Lenders always act in their own best interest, so if they can avoid the time and expense of a foreclosure, and if the closing costs are something they would have to pay either way, they are likely to go with a short sale. Of course, you benefit by having the short sale recorded as a "sale" rather than a "foreclosure," thus doing far less damage to your credit.
Now that you know the "what and why" of short sales, it's important that you understand that they are complicated transactions requiring a high level of expertise to negotiate and close successfully -- short sale transactions are at least 71% more likely to succeed when left in the hands of a competent short sale professional.
As your Sarasota, Bradenton, Venice Florida preForeclosure Short Sale Real Estate Professional
-- Our Goal Is To:
- Make sure that we do all that we can to keep you from having a foreclosure on your permanent financial record.
- Make sure that we do all that we can to see to it that you avoid a deficiency judgment, which would otherwise mean an ongoing debt obligation to the bank.
- Do all that we can to help preserve your credit, and get you on your way to a fresh start.
- Find a ready, willing, and able buyer to purchase your home, and negotiate hard with your lender to get them to approve a short sale on terms favorable to you.
Benefits of working with The SaraMana preForeclosure & Short Sale Assistance Team:
- Full service real estate brokerage: We’ll aggressively market your property to prospective buyers, oversee the buyer contract negotiations to ensure you are fully protected, submit the completed short sale package and contracts to your lender(s), and persistently work with your lender(s) until we receive a final short sale approval.
- Assistance with all paperwork: We’ll help you to compile and complete any required financial disclosures, as well as any other documentation required by your lender along the way.
- Coordination of the entire process: whether it's appraisers, home inspectors, buyer showings, closing documents, letters from your lender(s), or whatever else might come up, we will be with you through every step of the short sale transaction, to take charge, and to see to it that everything gets done the right way, the first time.
For more Sarasota Short Sale Information, or to learn about other foreclosure avoidance options such as loan modification, deed in lieu of foreclosure, or bankruptcy, please visit: www.SaraManaShortSale.com or register for our next FREE Foreclosure Avoidance Tele-seminar Workshop at www.SaraManaSeminar.com.