Short Sales

Short Sales

Are you in financial distress because of your mortgage? Do you need to get out from under a payment that has become too much to manage due to loss of employment,image006 reduction of wages, or your ARM has reset? If so, you are one of the hundreds of other Westside homeowners who are in the same leaky boat, and there’s no easy way out.

A successful Short Sale may be your best option available. We are certified Short Sale specialists with the experience and track record to help you achieve your goal.

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

quick short sale pre-qualification

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

get pre-qualified for a short sale

What challenges have short sales presented for REALTORS®?

The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for REALTORS®. Major challenges include:

  1. Limited experience
    Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders’ lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.
  2. Absence of a uniform process and application
    Until HAFA guidelines were established, both short-sales documents and processes were lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions.
  3. Multiple lenders
    When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.

As a result of these challenges, consumers and real estate professionals alike have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.

Our Westside Short Sale team has a 100% success rate and will not list your home unless we have pre-qualified you and your property, and are confident of a successful outcome. We do not charge you anything, the compensation for our time and hard work is agreed upon and paid for by the bank. The only investment we ask of you is your cooperation in providing the documentation required, in a timely manner.

If you are interested in beginning the pre-qualification process to determine whether a Short Sale is your best option, please contact us now or complete the online pre-qualification.

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