Summary: In a short sale, a seller facing potential foreclosure strikes a deal with their lender to accept less than they owe on the property, in exchange for avoiding foreclosure
As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does will it work for you. In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property. Sellers need to know that a short sale may damage their credit, though probably not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is many payments behind and has received a default notice.
I am a strong negotiatior and with your help we can put together a successful short sale package to finalize your sale. There are some ways the Seller can help to make this go a little quicker. Once you list your home for sale, keep your home as neat and clean as possible. Always keep a lock box on it for a quick showing. Once a contract has been presented to you and you have discussed it with your Realtor you will sign the contract and your Realtor will get to work.
Please let me help you negotiate this transaction. There is no charge to the Seller to help you settle this transaction. I will help you gather the information you need, like 2 years tax returns, a hardship letter, your recent bank statements and any other documents requested by your lender. The more we can provide to your lender and the faster we can provide the documents the quicker the transaction.
Please just email me at gloria@rasorealty.com to get started TODAY
