What is a Short Sale?

By
Real Estate Agent with RE/MAX Island Properties RB-21158

What is a Short Sale?

In a Short Sale, a Financially insolvent homeowner who is facing foreclosure sells his home for less than the value of his loan. The lender accepts the sale as payment in full for the loan.

With Today's Market and ever changing Interests Rates, many Home Owners who purchased Real Estate a few years ago with a variable rate mortgages,(ARM's) Zero Down loans, or even sub prime loans are realizing that those interests rates are resetting and some are actually doubling, even tripling your original monthly Mortgage Payments, making it very difficult to keep up with the payments. Maybe a devastating event in the home owner's life, loss of job, or a divorce can have a serious financial repercussions, making the monthly loan payment an insurmountable financial issue.
In Today's Maui market, many areas and communities have also dramatically dropped in value, and currently are worth over $100,000 less now than when they were originally purchased making refinancing not an option.

Here's a secret: Lenders are in the Business of LENDING not owning, so they do not want to foreclose on a property. It costs them more time & money and are require to keep a reserve of funds which is money they can not loan out. Foreclosures cost Lenders up to $40K and up in costs, fees and taxes.

I am a trained Expert at negotiating with Lenders and getting them to agree to sell your Home at a prices less than whats currently owed. This option is highly recommended than going through a complete Foreclosure or Bankruptcy which could damage your credit rating score for up to 10 years.

Contact me Today and find out how I can help save you from a very difficult financial situation.

Available anytime, always here for you,

Hector M. Yepis R(S)
Short Sale Expert
South Maui Real Estate Consultant
Keller Williams Realty Maui
(808)250-6396 Direct
Info@ShortSalesMaui.com

Maui Sunset

Comments (2)

Barbara Asbury
Prudential Colorado Real Estate - Woodland Park, CO
Here in Colorado we have several new (Jan 2008) forms to be used for short sales/foreclosures.  They were prepared by the real estate commission (Division of Real Estate) so they should be concise and clear, and hopefully easy enough to complete and understand by clients.  Here's my question, based on all of that, why are so many people (typically lawyers, I think) pushing to have all short sales or foreclosure sales handled by lawyers?  Is that the norm in HI?  I'd love a little feedback.
Mar 19, 2008 05:54 PM
Clark Garrison
Taylor 1 INC - Atlanta, GA
"Loan Modifications"
Great stuff Hector! How's business in your state. I don't get to hear much about what goes on there?
Mar 19, 2008 05:59 PM