A short sale is a process by which a lender agrees to receive a lower amount than the mortgage payoff in exchange for the sale of the property to a third party.Homeowners that need to sell when the current loan amount exceeds the market value of the property will normally need to do a short sale.
There is no cost to you and I will not ask you for any money upfront.The bank will pay my compensation for getting the property sold.At the same time I will look out for your interests and take the painand confusion out of doing a short sale. I provide, at no cost to you,an ethical and professional solution. Most often the bank will want your property listed with a real estate professional.
Why do a short sale?I suggest you contact an attorney and a tax accountant before considering a short sale to find out what will work best for your own personal situation. Banks really don't want to foreclose on a property. Under most circumstances. they would rather discount the loan in a short sale.This saves the bank a lot of wasted time and expense. A short sale saves you the negative effects of having a foreclosure on your credit report. I need to sell. How can I do a Short Sale?
First, you need to contact your current lender(s)/lien holder(s) and see if it is possible for you to try a loan modification if you would like to stay in your home. If this will not work for you, then ask the lender if they will consider a short sale. You will need to show the bank that you are experiencing a financial hardship and your only other option may be foreclosure.
What will the bank consider as a financial hardship?
Not every situation is the same. However here is a typical list the banks should consider: · Health related financial problems
· Death of Spouse or Divorce
· Job Relocation /you have to move
· Reduced Income and/or job loss
· Serious business loss or serious decline
· Bad loan product / excessive rate adjusment
How do I qualify for a Short Sale?
You must be able to show you have a hardship. I can assist you with providing the forms the banks will need to consider your situation.
Are there tax implications in doing a short sale?
You should speak with your tax accountant and/or a qualified attorney before listing your home as a short sale. Each person’s situation is different and you want to do whatever is best for you.
Will this impact my credit or prevent me from buying a home again? Your credit should reflect a debt settled, and could be there for up to 7-years. However, a short sale will reduce your credit score but should not impact it as greatly as a foreclosure. You should be able to rebuild your credit and/or possibly buy a home again in the future. With a foreclosure, you may not be able to buy a home again for 5-7 years. With a short sale, it may be possible for you to buy again in as little as 2-3 years. If you're trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit is the main advantage to doing a short sale. Be sure to educate yourself, and always seek legal and tax advice before making that decision.
How will you assist me with a Short Sale?
At no cost to you I offer: · Professional consultation
· Preparation of Hardship Package
· List your property in the MLS system in your area to commence the sale.
(Note: I am not an accountant or attorney and do not provide accounting or legal advice. All information contained herein should be verified with a certified accountant and attorney.)
IMPORTANT NOTICE:West USA Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. "If you stop paying your mortgage, you could lose your home and damage your credit rating".
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