What is a short sale?
A short sale is a special transaction that allows you to sell your home even when the mortgage debt is higher than the value of your home. Our agents are trained on how to negotiate a settlement with the lender so we can sell the property and provide you with a graceful exit strategy from this awkward situation. A short sale will help you avoid foreclosure, bankruptcy and protect your credit score.
The process starts with a detailed consultation with you, which help us determine what options are available to you. Then you can decide which is your best alternative. If pre-foreclosure sale of the property seems to be policies and requirements. After that we negotiate with them to facilitate a work out agreement that settles your debt and prevents foreclosure.
Short sales are complicated transactions that require approvals from a number of parties including the loan servicer, the loan investor and the mortgage insurance if there is one, because of this complexities, it can be challenging to keep the process on track and moving forward. But there are ways to expedite the short sale-transaction. Consult with your Realtor, CPA. and Attorney to avoid any pitfalls. Banks demand documentation before approving a short sale, they also require that the property be on the market for some time.
Steps for a fast short sale!
Lenders require borrowers to provide an application package containing a signed and dated financial worksheet, a hardship letter explaining why the borrower is unable to pay the mortgage, and a letter authorizing the real estate agent to access information on the seller's account. They also require that the Realtor provide a fully executed listing agreement. An incomplete or inaccurate application can create delays, so it's imperative that Realtors counsel their clients on the importance of completing the application accurately and quickly.
Condition of the property.
These homes are usually sold "as is" with the right to inspect. You incur the inspections expenses. An inspection contingency period must be included with the offer that will allow to terminate the contract if the inspection report does not meet your expectations.
A Short sale requires a trained professional. Call today for a free consultation. 281-787-4648
Abel Garcia.
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