What is a Short Sale? Simply put, a short sale is when a home is sold for less than the amount owed to the lender(s). Homeowners are released form the mortgage lien(s), and the debt is forgiven under The Mortgage Forgiveness Debt Relief Act of 2007 that former President Bush has signed. Lenders are willing to accept the current market value for the property under Short Sale, because foreclosure would simply cost them much more (attorney fees, eviction, re-selling, etc.), and would negatively effect their balance sheet, and diminish their lending power. Lenders do not want to own your home. Benefits of Short Sale Protects your credit from foreclosure. Foreclosure damages credit up to 7 years, and you would forever have to disclose that you had foreclosure on future loan application. A short sale satisfies the debt you owe to your lender(s) A short sale avoids the stress that sometimes comes with foreclosure. You would be able to buy again in a year or two. Our short sale is FREE to you; the lender covers all the costs involved including commission.
How does it work? Just like with a regular sale, you need to list a house for sale, and allow potential buyers to place their best offers. In addition to that, you will need to provide all financial documents to your bank, so they can validate your hardship and approve the short sale. Once the offer is submitted, it takes from few weeks to few months to get the approval(depending on the bank). The banks have to many requests right now, and it just takes that long. However, recently certain banks streamlined the process, and the approvals are obtained in a more reasonable time. Good news for you. We will pre-qualify you for FREE. We specialize in negotiating short sales for homes that are equity deficient - homes with balances at or above home's value. Contact us for a FREE confidential consultation today. You can sell your home and be released of all obligations with our help. Our service is FREE to you. Call today. Sincerely, JTX Real Estate Team 916-517-1642 |