What Every Seller needs to Know About Short Sales with Lender

Definition of Short Sale:  Lender is willing to accept less than what is owed on the loan.

A Win for the Seller:  1.  Smoother Transition
                                  2.  Zero -0- Sale costs
                                  3.  No deficiency Judgment
                                  4.  Avoid foreclosure on your credit
                                  5.  Avoid bankruptcy
                                  6.  Less worry

The Process:   Find an Experience Short Sale Realtor!  They will assist you with a package to send to your lender.  Forms,Hardship letter, full financial, setting up the timing and if there is a second mortgage; arranging for a release of lien.   

The Short Sale will bruise your credit but will not ruin it.  A Short Sale should enable you to purchase a home after 2 years.  With a foreclosure you will not purchase again for 7-10 years.  The Lenders are NOT in the real estate business, they do not make money owning homes.  If you have a "Lis Pendes"  you have time to act.  The Lender would prefer to sell the home with you in it.  There are other consideration;  with an experience agent on your side they may be able to speak with the Lender and have your loan restructured or modified.

Your most important asset is an experience Realtor whom you establish a relationship and trust with that will guide you thru the maze of Lending!

A Win for the Lender:  1.  Same or more net for the home but in less time.
                                    2.  Proceeds from sale are within 24 hours of close
                                    3.  Reduces asset inventory
                                    4.  Full appraisal or BPO
                                    5.  IRS form H 982

If you should have questions after reading this page, please contact me with your questions.  I am here to Help!