The Short Sale process is not new... there have always been times when a property was not worth the amount of the loan. What is different these days is that SO MANY properties are worth less than the loan value; This is why Short Sales are becoming ever more prevalent. No doubt, you have many questions. Below is a list of common questions... but I also urge you to contact me with your questions and concerns. There is no charge to you for our services, and no charge to see if we can help. Set your mind at ease by exploring all your options, if a Short Sale is right for your situation, I will be honored to assist you. If another option would be better, rest assured I will let you know that too. It is possible we can help homeowners who: FREQUENTLY ASKED QUESTIONS... |
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| SHORT SALE SOLUTIONS... Helping property owners avoid foreclosure and move on with their lives |
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What’s different about your Short Sale Process? As the Buyer, we are able to begin negotiations with the Lender
immediately upon obtaining the Option to Purchase from the Distressed Seller. When the Lender counter-offers, we can
continue the negotiation without the delay of ‘checking with the buyer’… we ARE the buyer, and we buy with cash. This
streamlined process can save many days off the normal Short Sale time-line.
Our team performs all negotiations, handles all paperwork and communication with Lender, leaving the Realtor® free to market
the property, as is their specialty.
I have a Sale Date published in the newspaper … can a Short Sale still occur?
Yes; Since we are the buyer, we are able to put a substantial offer on the table
to the Lender in short order; in most cases, this is enough to forestall foreclosure proceedings long
enough to allow the opportunity for a sale.
What is the difference between a Short Sale and a Foreclosure?
How do I know if I qualify for a Short Sale? Generally, there must be a ‘Hardship’ situation, and the home must currently be
worth less than the amount currently owed. Each situation is unique, and there is no cost to evaluate whether or not we can help.
How long does a Short Sale take? It’s very common to take 90-120 days or longer, as a buyer must be found. However, the
reduced pricing does make it easier to find a buyer.
This is my Primary Residence, will I be free and clear of any financial responsibility once the Short Sale is
completed? In most cases, YES… “Residual or Exiting” debt is completely erased for the Seller. Also, homeowner will know the
Lender’s position before completing the transaction. However, we stress that an attorney and/or CPA should be consulted for
each situation - as we are not qualified to make these recommendations.
This is an Investment Property, will I be free and clear of any financial responsibility once the Short Sale is
completed? In many cases, YES... our team is careful to research all avenues before proceeding. Again, we encourage the
client to seek counsel from an attorney and/or CPA as we are not qualified to offer such advice.
What does it cost? There is no cost to the Seller for our services. We make our money on the difference between our original
purchase price and the subsequent sale to the New Buyer.
Do I need a realtor? Yes. A professional Realtor's® service are fundamental to the success of our process. They are experts
in value and market conditions in their area and for the property and focus on finding a buyer while we are negotiating with the
bank.
I haven't missed payments yet, but I can see it coming.... when should I call you? The earlier you call, the more options
may be open to you - it always pays to have the right information.
Do I need to be late on payments for a Short Sale? Generally, yes; late payments show the bank that you are unable to
continue making payments. However, if you are still current but know you are approaching default, we can get a head start in
gathering information and preparing our case.
How will a short sale affect my credit report? A Short Sale does have a negative impact; however, it is not as devastating
as a foreclosure, and will come off the record sooner.
Do I have to pay taxes on the “forgiven debt”? In most cases, NO; due to recent legislation, the amount will often not be
taxed. An accountant or tax preparer can provide the proper form to include with the Seller’s tax return.
I’ve tried to negotiate a Short Sale with the lender and can’t get anywhere, can you help? We investigate each case
individually; it is possible that we can still help in this case. If an offer and some documentation have been presented to the
bank, that does not necessarily mean a short sale has been thoroughly tried. There are many components to a short sale and
timing it right is crucial as well.
Can you handle Multi-family units or Commercial Property? Yes; our Investors are able to handle large properties.
immediately upon obtaining the Option to Purchase from the Distressed Seller. When the Lender counter-offers, we can
continue the negotiation without the delay of ‘checking with the buyer’… we ARE the buyer, and we buy with cash. This
streamlined process can save many days off the normal Short Sale time-line.
Our team performs all negotiations, handles all paperwork and communication with Lender, leaving the Realtor® free to market
the property, as is their specialty.
I have a Sale Date published in the newspaper … can a Short Sale still occur?
Yes; Since we are the buyer, we are able to put a substantial offer on the table
to the Lender in short order; in most cases, this is enough to forestall foreclosure proceedings long
enough to allow the opportunity for a sale.
What is the difference between a Short Sale and a Foreclosure?
How do I know if I qualify for a Short Sale? Generally, there must be a ‘Hardship’ situation, and the home must currently be
worth less than the amount currently owed. Each situation is unique, and there is no cost to evaluate whether or not we can help.
How long does a Short Sale take? It’s very common to take 90-120 days or longer, as a buyer must be found. However, the
reduced pricing does make it easier to find a buyer.
This is my Primary Residence, will I be free and clear of any financial responsibility once the Short Sale is
completed? In most cases, YES… “Residual or Exiting” debt is completely erased for the Seller. Also, homeowner will know the
Lender’s position before completing the transaction. However, we stress that an attorney and/or CPA should be consulted for
each situation - as we are not qualified to make these recommendations.
This is an Investment Property, will I be free and clear of any financial responsibility once the Short Sale is
completed? In many cases, YES... our team is careful to research all avenues before proceeding. Again, we encourage the
client to seek counsel from an attorney and/or CPA as we are not qualified to offer such advice.
What does it cost? There is no cost to the Seller for our services. We make our money on the difference between our original
purchase price and the subsequent sale to the New Buyer.
Do I need a realtor? Yes. A professional Realtor's® service are fundamental to the success of our process. They are experts
in value and market conditions in their area and for the property and focus on finding a buyer while we are negotiating with the
bank.
I haven't missed payments yet, but I can see it coming.... when should I call you? The earlier you call, the more options
may be open to you - it always pays to have the right information.
Do I need to be late on payments for a Short Sale? Generally, yes; late payments show the bank that you are unable to
continue making payments. However, if you are still current but know you are approaching default, we can get a head start in
gathering information and preparing our case.
How will a short sale affect my credit report? A Short Sale does have a negative impact; however, it is not as devastating
as a foreclosure, and will come off the record sooner.
Do I have to pay taxes on the “forgiven debt”? In most cases, NO; due to recent legislation, the amount will often not be
taxed. An accountant or tax preparer can provide the proper form to include with the Seller’s tax return.
I’ve tried to negotiate a Short Sale with the lender and can’t get anywhere, can you help? We investigate each case
individually; it is possible that we can still help in this case. If an offer and some documentation have been presented to the
bank, that does not necessarily mean a short sale has been thoroughly tried. There are many components to a short sale and
timing it right is crucial as well.
Can you handle Multi-family units or Commercial Property? Yes; our Investors are able to handle large properties.
- No longer have the ability to make their mortgage payments
- Have a foreclosure sale date pending or published in the newspaper
- Can no longer afford their property
- Cannot afford to pay a traditional real estate agent commission
- Have been unable to sell their property through a traditional listing
- Own a property that needs repairs and / or updating
- Owe more on the mortgage than the property is worth
- Own a vacant property
- Need a no hassle friendly solution to stopping further damage to credit
- Need a quick and flexible sale
- Need quick attention due to imminent foreclosure
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