A short sale in real estate occurs when the outstanding obligations (loans) against the property are greater than what the property can be sold for, or refinanced for. Short sales are a way for home owners to avoid foreclosure on their homes and be able to pay off their loans by paying less than what the payoff amount is, to their lenders. Negotiating a short sale with the lender is a difficult process for many reasons: it is hard to find the bank officer who has the authority to accept the discount. Once you get in touch with the correct person, the difficult task of negotiating can begin; it is then a project to convince the officer to understand the nuances of your situation so that they will accept the discounted offer.

Without an experienced person to guide you through the process, many short sales fall through. We understand what the lender requires for them to be in the best position to grasp your financial situation. The down side of the short sale is that lenders are not required to discount payoffs, and there is no guarantee the lender will let you do the short sale. In the past, a lender would not even consider a short sale if your payments are current, but that is changing. However, realize that lenders will be more agreeable to negotiate if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts.

TAX CONSULTANTS AND CPA’S
Sellers of a short sale should always seek tax advice before entering into a contract to sell on a short sale. There could be tax ramifications due to debt forgiveness, and that may impact on your decisions. We do not provide any tax advice in this matter.

SHORT SALE V. FORECLOSURE
Sellers may wonder if it is better to let the property go into foreclosure rather than going into foreclosure. You will need to seek the advice of mortgage lenders and bankers for that advice, as the problems created by a short sale vs. a foreclosure with regard to your credit can best be interpreted by them. Usually, however your credit and ability to purchase another home quicker, is better if you do a short sale.

HOW WE CAN HELP YOU THROUGH THE SHORT SALE PROCESS
Have you tried to negotiate with your bank and been ignored or insulted? We can help you. We do the negotiating for you with the bank to find the best solution for you. In fact, most lenders prefer to work with seasoned professionals. If you are facing foreclosure, a short sale or have an interest rate that just adjusted or will soon adjust, call us to see if we can help.

SHORT SALES – FREE CONSULTATIONS
In this economy, there is a growing need for help with short sales with your lenders. Our consultations in this area are FREE. All you need do is provide us with some documentation and the information you request which will enable us to ascertain if we can help you. If we agree that your situation warrants a short sale, we will accept the case on a contingency basis. You will pay No fees unless we are successful. If we are successful in negotiating the short sale for you, fees would be paid at closing.
Please call and schedule your free consultation today.

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