Why Short Sale?

If you have begun defaulting on mortgage payments and do not see how you would be able to repay your loan, you are left with the option of filing for bankruptcy and have your house foreclosed or you may negotiate with the bank to short sale home. If losing your house is the only alternative left then short sale is definitely a better option.

Agreeing to a short sale does not have the same impact on your credit report with the lender as foreclosure does. Mostly, it does not show on the credit report and you may be able to take credit again within 1-3 years as opposed to foreclosure where it may be 10 years before you can take credit again.

Short sale is also a fast process as compared to foreclosure where the legal process may take months incurring a lot of expenditure and anguish. Thus, it means that the borrower can start rebuilding finances faster and sooner by short sale of the house.

How to do a Short Sale?

The process of a short sale of home is much simpler than foreclosure. Firstly, determine the amount that is owed to the lender and how much defaulting fees is going to be charged.

Contact the lender and apprise them of your situation. Every lender has a different process for short sale. Some may have customer service departments work with you to negotiate and others may have specific agents to perform such actions.
Once the lender agrees to the process of short sale, you can have the real estate appraised. This may be lower than the market value as real estate owned properties may not fetch the same price. Added to this value will also be the fees of the agent and real estate listing fees.

This value has to be notified to lender as they will have to give consent on the price. Once lender agrees to the sale value you may sell your house.

How do we help?

Though the process of short sale is much simpler than foreclosure, it still requires a great deal of paperwork. Also a lot of negotiations have to be held with the lender so that short sale turns out to be in the benefit of both the lender and the borrower. This is where professional help may be required. A professional who is conversant with the short sale program and is able to negotiate the best deal for you. Also, to avoid the inconvenience of going through mire of paperwork, it is better to take professional assistance. This is where we step in. We would take you through the entire process as painlessly as possible and ensure that it works out in your benefit to enable you to start fresh for the future.