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What is a short sale?  A short sale is when your lender agrees to accept a payoff that is less than what you owe on your home or property.  Short sales grew in popularity after the housing bubble and offered an alternative to foreclosure allowing the homeowner to move on and the lender to cut the costs associated with going through the full foreclosure process.  We know short sales and have assisted numerous sellers with the process.  If you're facing a hardship and need help contact one of our experienced Real Estate Brokers today.

Found 5 entries about Short Sales.

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference.

Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing

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Bank of America listened to REALTORs and sellers along with the costly process of foreclosing and determined a change was needed.

For the past several years agents and even sellers cringed over the thought of applying for and processing a short sale from cradle to grave, that fear is now gone and Bank of America is taking the driver seat.

Bank of America listened to REALTORs and sellers along with the costly process of foreclosing and determined a change was needed.  Now processing a short sale through Bank of America can almost be as easy as a traditional sale.

The first step was to implement a system that allowed REALTORs to contact Bank of America’s short sale department and receive a timely response.  Instead of building a system from ground

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Buying a home where the seller owes more than what the home is worth is known as a short sale and have become a new norm in the current market.

For many people, buying a home is a once in a lifetime experience. As with anything that is new or unfamiliar, the home buying process can be stressful, but the written contract spells out the entire transaction, in part, to keep stressful situations to a minimum. The price of the house, the closing or settlement date, and the responsibilities of each of the parties are just some of the terms contained in the contract.

Imagine how you would feel if your real estate agent informed you midway through the transaction of a delay of the settlement date by three to six months or of an increase of the price, or

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With homeowners in the United States and elsewhere continuing to struggle to pay their mortgages, some believe that foreclosure is their only option.

With homeowners in the United States and elsewhere continuing to struggle to pay their mortgages, some believe that foreclosure is their only option. However, because of the distressed housing market that has existed since 2007, short sales have become considerably more prevalent.

Although the short sale is by no means a painless option, it is most often a better choice than foreclosure.

REALTORS and lenders have criticized short sales in the past, but statistics show that short sales are now much more common. Lender Processing Services reported that in January 2012, the number of short sales made

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If You're Facing Foreclosure Consider a Short Sale

Foreclosure is an ugly word which is heard more often during uncertain economic times. Foreclosure means dreams destroyed, homes lost and families in chaos. Foreclosure seems to be an almost inevitable result of homeowners in debt too deep with more house than they can afford. But foreclosure can be avoided in many situations using a process called a short sale. Homeowners in this unpleasant situation can be rescued and still retain a satisfactory credit history.

The predominance of sub-prime loans has added greatly to the foreclosure rate. Sub-prime lending is the practice of granting loans to home buyers at a rate several points lower than the prime rate. This sub-prime rate is variable, meaning

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