What is a Short Sale?
Are you in Financial Hardship? Behind on your mortgage payments and curious about your options?
Don't let your home go into foreclosure!!
A Short Sale will only affect your credit for 1-2 years!
What qualifies a homeowner for a short sale?
- Monthly income shortfall
- Legitimate Financial hardship (loss of job, decrease in income, divorce, death)
- Little or no equity in your home (8% or less)
A Short Sale is specifically designed to help borrowers who are unable to afford their mortgage and want to sell their home to avoid foreclosure--for less than what is owed (with bank approval)
A Short Sale requires an experienced Realtor to be successful!
What are the advantages of a Short Sale over Foreclosure?
- A short sale will only affect your credit for two years, whereas a foreclosure may stay on your credit report for 5-7 years.
- Banks would rather "cut their losses" and move on to replacing "bad loans" with "good loans".
- Buyers benefit as they have immediate equity in the home upon purchase.
- Mortgage forgiveness debt relief--if home is your primary residence. Go to www.irs.gov for taxpayer instructions.
How long is the short sale process?
- The process will vary from lender to lender (3-5 months) once an offer has been submitted. It is a complicated process that takes the expertise of trained and experienced professionals.
- To expedite the process, we will conduct a short interview with you over the phone to determine your eligibility for a short sale. Once determined, we will ask for your prompt cooperation in completing all necessary forms and documentation and return them to us in a timely manner.
- The listing agreement will then be prepared and executed as we meet with you and discuss the process.
- The process will vary according to the type of loan you have. For FHA, an appraisal will take place before acceptance of the short sale, for VA and Conventional your home will be listed at the same time all documentation is submitted to your lender.
Please feel free to call us (Craig) 530-755-6982 or (Nancy) 530-701-3132 if you have further questions or concerns. As trained and certified Short Sale agents, it is our hope that we can make this process as easy and comfortable for you as possible.
Our services are FREE to you!
Please go to Short Sale Application (see column on left) page to print out a copy of questions and documents we will be asking for during our initial phone interview.
