Short Sale

What’s a Short Sale?

A Short sale is a pre-foreclosure arrangement with a lender, whereby they will allow an owner to sell a property for less than the amount of the current mortgage balance. The owner is unfortunately what lender’s call “upside down.” A short sale can help to get rid of your mortgage debt and allows you to keep a decent credit rating so you can buy another home sooner than you think. If your home has a market value less than the money you owe on it, it may be worth your time and efforts to consider a short sale of your property.

The advantages over a loan modification are you become debt free of the mortgage (or at minimum, a greater part of the mortgage). Your record will not show a foreclosure or bankruptcy and banks will not harass you for a deficiency judgment (difference between the selling price of your home to pay partially off the mortgage, and the total amount of the debt in exchange a clean slate).

Also, in a short sale, a Mortgage Relief Debt Act could very well protect you, by not incurring federal income taxes on any debt that is forgiven (deficiency judgment) on your principle home. The advantages of a short sale over a loan modification may be more suitable for your situation than any other options available to you.

The most common reasons you should consider Short Sale Services:

1. NO UPFRONT MONEY OR FEES REQUIRED.

2. You owe more on your property than it’s worth.

3. Your payments have significantly increased due to an ARM interest rate adjustment.

4. You are moving to a new area and can’t sell your home or afford double payments.

5. You are an investor who got over extended with properties or payments.

6. You lost your job or experienced a significant decline in income.

7. Foreclosures in your neighborhood or area have destroyed property values.

8. You want to avoid a default judgment from your lender.

9. You want to avoid the credit devastation of a foreclosure.

 

What are the Benefits to the Seller with a Short Sale?

1. NO UPFRONT MONEY OR FEES REQUIRED.

2. Eliminates mortgage debt and ongoing payments.

3. Seller can remain in the property during the process without making payments.

4. Closing costs and real estate commissions are paid by the lender.

5. Avoids foreclosure and the disastrous effect on your credit.

6. Can help avoid the need to file bankruptcy.

7. You will have a team of certified professionally trained short sale advisors protecting your best interest.

Thousands of homeowners just like you have already done successful Short Sales and moved on with their lives. You can, too. Short Sales are not the easiest way to sell your house. But if you want to avoid foreclosure, doing a Short Sale is probably the only way you can minimize damage to your credit rating and reduce or completely eliminate your liability.

There’s no charge to you for any of Keller Williams’ Short Sale services, regardless of whether the deal closes or not.  When we take on your listing, you do not have to pay us anything. Our sales commissions, including all closing costs, are paid by the lender.

Andre Bowdry, a Realtor/Broker that specializes in short sales, has the experience along with a Short Sale attorney and title company that oversees the process to successfully work with your lender to insure the best possible chance for the successful short sale.

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