3rd Qtr Industry Stats for Distressed Properties.

Frequently Asked Questions

It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact .

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Upside Down – In today's market if you have to sell and are upside down, a short sale may be your only option.
4. Must move for employment - This is also a good reason to do a Short Sale

What is a short sale?

  A Short Sale is the sale of a home when the net sales proceeds does not fully pay off the existing loan or loans and the lender agrees to accept the discounted payoff .

 Is a Short Sale for Me? 

Lenders are more and more willing to work with homeowners that are facing hardship to accept Short Sales. The lenders prefer to settle the matter with you instead of taking the property through a Foreclosure. While you consider a Short Sale, remember the lender is looking to limit their potential loss on your loan. By completing a Short Sale the lender has also found a better solution for them.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

Why would my lender accept less than what is owed on my mortgage? Lenders are in business to lend money, not to own real estate. They do not want the expense of the foreclosure process and/or the holding and maintaining of the property if it does not sell at foreclosure. The foreclosure process is very expensive and time consuming, so many lenders will agree to what seems a loss on the mortgage when they will actually save money by not completing the foreclosure and holding the property in their portfolio.

How much does a Short Sale cost me? Do you charge?
Nothing. I don’t charge you a cent. The banks pay all the fees at the end of the short sale. For example, All commissions, title fees, and agreed upon closing costs are paid by the lenders.