Sellers & Short Sales
Do you owe more than your home is worth? Even if you’re not behind on your mortgage payment or if you are and haven’t received a Notice of Default, is it practical to stay in your home if you owe more than it's worth?
If you filed Bankruptcy has it been discharged? If so you have negotiating strength with the bank to complete a Short Sale under your terms not theirs.
Call us we can give you all the information you need to make the right decisions.
The John Edmunds Team
CDPE/SFR/Short Sale Specialists
What is a "Short Sale"?? A "Short Sale" exists when a Lender, Bank, or Note Holder agrees to allow the Trustor (usually the home owner) to sell the home for less than what is owed. You may ask, why would anyone want to do this? Why would a home owner or lender want to sell a home for less than what is owed.
There are many reasons, the primary one's are two fold. Banks in general do not exist or have a business plan to hold and own real estate, more particularly single family homes. They are too difficult to manage for institutional lenders. When a home owner is upside down in his home (owes more than the home is worth) and is unable to make the payments as scheduled in the recorded note the bank is forced to call the note due and or force a foreclosure sale (See Foreclosures).
When the lender forecloses in a stagnent market it usually means he will get the home back (sold back to the beneficiary) at the Foreclosure Sale. They then have to secure the home, make necessary repairs, have utilities turned on, etc. Then they have to list the home as an REO or "Real Estate Owned" with a local real estate broker. This all takes time, effort, and money, and it is usually the last resort for the lender.
The other way is for the lender to allow a "Short Sale" allowing the home owner to list the property and sell it for less than what is owed. This makes sense to the lender as he doesn't have to take the home back and spend thousands of dollars to repair and market the home.
It makes sense for the home owner because he/she is allowed to exit the home in a more normal transition. And more importantly keeping their credit intact.
The key here is to work with an "Experienced Real Estate Broker" that knows how to structure a "Short Sale" with full lender approval. You must also check all applicable laws regarding the lenders ability to sue for a "Deficiency Judgement" the difference in what the home sold for and the amount of outstanding loan balance. Laws very in each state so always speak with your attorney or seek competent legal advise on all real estate matters especially when your home is in foreclosure.
Do You Need To Sell Your Home But Owe More Then It Is Worth?
Let Us Help you From Foreclosure!
Foreclosure looming? A short sale could be the answer to save your credit, savings, and dignity. I will outline key issues and simple steps needed to avoid foreclosure, and get you back on your feet as soon as possible. A must for every homeowner, don't wait to find out what thousands of Americans are doing every day!
These key questions are as follows:
- Schedule you to meet with both a real estate attorney and asset protection attorney so you know what the options are for you and have the best solution to your own financial situation. We can use your attorney or recommend an attorney to negotiate your short sale. In some cases we can use a title company at no cost to you. We are also registered and approved to work directly with a third party like Dignified Transition Solutions to handle direct contact and preapproval process with your bank.
- We will make sure there are no deficiencies or monies due by you at close of escrow.
- Compile a comprehensive plan detailing all the efforts we will employ to sell your home, including Internet and local media.
- We will go over in detail the entire short sale process so you know exactly what to expect every step of the way.
- Both myself and licensed assistant are CDPE certified (Certified Distress Property Experts). I also have the SFR designation,
Closing Costs to Expect: As a home owner in a short sale transaction you will have little or NO CLOSING COSTS. The bank may ask for certain fees to be paid by you, they may even ask for a contribution but at no time do you have to accept any payouts that you don't agree to. We will on almost every case be able to remove the deficiency and other obligations. The only exception is possibly the HOA Resale Package, it is state law that it be paid for and provided by the seller.
We will advertise your listing in most of these web sites simultaneously. \\stephanie-pc-pc\Stephanie\Desktop\Marketing\LOGOS\New Folder\syndication.gif