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A short sale is when a property sells at a price lower than what is owed on it. If you have to sell now, and don´t have the financial resources to cover the shortage amount of the difference that you owe, you are a likely candidate for a Short Sale. You don´t need to be behind on your mortgage payments to qualify for a short sale. We Can Help! It is possible to sell your house, get out from the payments, avoid Foreclosure and salvage your credit. A short sale will not automatically stop a foreclosure, but we will try to sell your home and negotiate with the bank on your behalf, allowing you to stay in the home until closing. Under no circumstances can you walk away from the closing table with money. These are just general guidelines, and there are no guarantees. All short sales will be different and have their own unique characteristics. By working together we may be able to solve your problem. Remember the employees of the lender are not there for your benefit, but to collect as much money as possible for the lender. The lender has been known to not co-operate fully with the individual client, and hide information from them. Each lender also has their own set of documents and procedures that are required for a short sale. As your Realtor, we know the rules and regulations regarding short sales, we know the true value of what your home is worth, we will assist you in the documentation and procedures required, and we will also negotiate more effectively to forgive the difference in the amount owed. We will sell your home AS-IS, so you the Seller don´t have to worry about any repairs or maintenance required on the home. How to get started; 1. Sign a listing agreement and short sale addendum with your Signature Service Realtor. 2. Sign a Letter of Authorization to Release Information to allow Signature Service Realty Company and the negotiating Title Company to speak with and negotiate with the lender on your behalf. 3. Fill out a Sellers Property Disclosure to disclose any known defects materially affecting the property. 4. If you have been contacted by the lender, we need to have the contact information for that person. We will need to contact the loss mitigation or home retention department. Do not ignore the calls or letters. Just be polite and let the lender know you have retained Signature Service Realty Company to sell the property. 5. Get your home ready for showings. Your home will be placed on the Multiple Listing Service as well as many different real estate websites as a Short Sale. You want your home to be clutter free and welcoming for future homeowners. 6. Be Prepared. The lender will need to review your financial situation to find out if you qualify for a Short Sale. Please have your financial information ready for your Realtor to put together a short sale package to submit to your lender. What Is A "Foreclosure"? A foreclosure is the legal way that the bank/lending company can take possession of your home. Normally it is referred to as a default on a promissory note. When your home is foreclosed on you must move out! Foreclosure is usually the last step a lender will take after all efforts have been made to work out payments on a delinquent loan. The lender takes the property and then sells it to help re-cover the mortgage amount due, plus any legal cost that where incurred. It is a legal process that ends the borrower´s interests in the property after the loan has been defaulted on.This entire process consists of Four Steps: Step Two: takes place in the final month when the pending foreclosure notification becomes public record. At this point home buyers/ investors may have enough time to contact the distressed homeowner to purchase the property. Step Three: an auction sale occurs. If the loan on the home is not brought current by the distressed home owner or the home is not sold as a short sale prior to the court foreclosure date. Don´t let this happen to you, we can help! Contact Us Before Problems Arise! |