Short Sales

Short Sales are not a new thing to Real Estate. Although they are much more popular now with the changes in the market. I did my first short sale for a client back in 1985. Since they are becoming more popular I wanted to give you some brief information about Short Sales.

What is a short sale? A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with the lender.

What is the procedure? First you will need to list your property with us and we market it just like a normal listing. You will complete a hardship package and we do whatever it takes to get an offer.

Do you need to be behind on your mortgage payments? Yes, the lenders require that you are behind on your payments before they will consider negotiating the possible short sale terms.

Will selling your home as a short sale affect your credit? Yes, and it will keep you from being able to purchase a home for a minimum of one possibly even two years after the short sale property has closed. Once your credit has been cleared of late mortgage payments and as long as you can qualify in other ways, you should be able to purchase a new home within a 1-2 year timeframe.

If you know someone that is in Real Estate distress, please give them my number so I can help before it is too late! 801-278-0999.