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Selling a home in today’s market can be tough.
Does someone you know need help?
- Having difficulty making house payments or already started missing payments?
- The house is no longer worth what is owed on it?
- Have they had a hardship? (job change or loss, divorce, retirement, etc.)
Get the information you need–
Working with a Realtor experienced in Short Sales is an important first step.
The bank that holds the mortgage may be willing to take less than what is owed
AND the bank will often pay all Realtor fees and Closing costs.
The cost for the Owner at Closing is almost always $0.
So what exactly is a Short Sale?
A short sale looks very much like a traditional sale, with us, you receive a
personal team of full service Realtors who market your home. You receive the
same quality of service and communication. The difference with a short sale is
what happens behind the scenes. When we sit down with you we go over the
documentation your bank will require to get approval for a short sale, we
explain the entire process from start to finish.
There is documentation we will need to get from you- most banks require the same
paperwork so we will give you a list of the items we need ahead of time and go
over any questions you have. Once you have the paperwork together we are able to
take over- we will get in touch with the bank and make all the calls, we become
their contact so that you don’t have to deal with the bank. We stay on top of
the entire process with weekly calls into your mortgage provider. We also keep
in constant communication with you- letting you know what your bank is doing and
also what is going on with the sale of your home.
A Short Sale can take awhile. Depending on the bank, many want to see your home
for sale for at least 90 days before an offer is submitted. They still require
that we try to get the highest possible price for your house, that is why it’s
important that we are experts in marketing. Once an offer is received it can
still take anywhere from 30 days to several months to get an answer from your
mortgage provider. We keep the buyers aware of what is happening with the
property weekly so that they remain patient and again we will contact you too so
you know exactly what is going on. Most banks prefer that you live in the
property until the house sells even if payments are being missed. There are
exceptions if you have been required to move out of state or town due to a job
transfer or family. We can go over your personal situation during our initial
consultation.
Some banks require that you have missed payments to get approval for a short
sale and others don’t. This is a question we talk to your bank about once we
decide to begin a short sale. A short sale can begin anytime before a
foreclosure actually happens but the sooner, the better. A short sale does not
stop a foreclosure but it can postpone a foreclosure if all the paperwork is
submitted and an offer to purchase the property has been received.
What is the cost to you- often there is no out of pocket expense to you for the
sale of your home. Banks understand that reason for a short sale is a lack of
money so they will pay the Seller’s closing costs and sometimes the Buyer’s as
well as your Realtor’s fees. Some banks have specific rules that the Seller is
not allowed to bring any money to the closing.
A 2nd mortgage does not prevent a short sale. The 2nd mortgage generally
requires all the same paperwork as the 1st and a second short sale packet is
sent to them. We again will be their point of contact and we will strongly
negotiate with the 2nd as well as the 1st mortgage to get an offer accepted.
*** We Can Help ***
The Altitude Living group has been at the front of the Short Sale market. To have a successful Short Sale it is crucial that you work with a group that is experienced. We are SFR (Short Sale and Foreclosure Resource) certified, with years of experience working with Short Sales
Call us today to sit down with you or a loved one that needs help. We know what it takes to walk you through the process and have a successful sale on your home.
We’re sure you have many questions, let’s discuss them. Each Short Sale is different and each person’s situation is different. To find out more please give myself or Tim a call.
Check out CnnMoney.com Article- Don’t Foreclose! Do a Short Sale.
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