In the sense of putting a home on the market for sale, a short sale is very much like a standard sale. We still promote the home to buyers through our staging expertise and strategic marketing methods, we still qualify buyers and work with offers and we still monitor the entire escrow process. However, the differences are as follows:

1. Approval to sell must be negotiated with the mortgage holder (bank/lender) because the home will sell for less than is owed on the mortgage (hence the term “short sale”). Since mistakes in the approval process can result in delays and denial, it’s critical to work with specialists that have a proven track record!
    
2. During the short sale process (which can take up to a year), homeowners will typically stop making payments (as required by the lender). This means you can potentially save up a lot of money to help you in life after the sale!
    
3. Due to consequences that are less positive than a standard sale (but less negative than a foreclosure), homeowners must wait 2-3 years before buying another home.

Homeowners that suffer a hardship, or loss of income, may no longer be able to keep up with the mortgage payments. When this happens, foreclosure is on the horizon and time begins to run out. This reason for turning to a short sale solution is what we call a “Hardship Default.”

On the other hand, some homeowners may still want to seek a short sale solution even though they can continue making payments. After all, it’s difficult to keep paying high mortgage payments on a negative equity home while new buyers are getting the same home for much less and much lower payments! This type of short sale solution is referred to as a “Strategic Default.”

For either type of homeowner, the short sale solution offers a way out of a bad investment and a chance to start over in a better position.

1. The Savings - A lot of money can be saved on stopped mortgage payments! We realize this sounds bad, but most lenders will actually require payments to cease during the short sale process.
    
2. The Stress Relief - Any and all worrying due to impending foreclosure (and the consequences that follow) are almost entirely abated the moment a professional Realtor steps in and starts the process!
    
3. Beats Foreclosure - Not only can you buy again much sooner and experience less of a credit impact, but deficiency judgments are stopped after completing a short sale.
    
4. Serious Tax Relief (if before 2013) - Thanks to the Mortgage Relief Act of 2007, the tax normally due on the amount of forgiven debt is no longer applicable. Therefore, get the process started while this law is still on the books!
    
5. Cash Incentives - Due to the Home Affordable Foreclosure Alternative Program (HAFA) and new incentives being offered by various banks and lenders, homeowners are actually receiving up to $30,000 in cash at closing!

What's a Short Sale & Why? | Short Sale vs. Foreclosure | The Laws that Help | The Cash Benefits
Why is Our Help Free? | Recent Successful Sales | Client Testimonials | Contact Us

Site Design & Hosting by: RightPros.com