Short Sale Negotiations
What is a short sale?
A real estate short sale, or quick sale, is a negotiation between a homeowner and their mortgage lender for the lender to accept less than they are owed for an outstanding loan. In exchange the house is sold to a third party and the home is not put into foreclosure.
What is the benefit of a short sale?
Short sales allow both the lender and the homeowner to cut their respective losses. With a short sale, the lender can get a good price for the home, while also forgoing foreclosure auction court costs. Although the concerned homeowner does not walk away with any cash, they can save their credit report from further damage.
Should I short sale?
Are you in a situation where there is no equity left in your home? No way for you to make your monthly payments? On top of that, the market conditions will not allow you to sell your home for what you owe? We are here to answer all your questions and see if short-selling is the option for you.
How do I qualify for a short sale?
In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim to a “hardship” and therefore are unable to continue making payments on the mortgage. A hardship situation is one that is the result of some extenuating circumstance that forced the borrower into a position where they can no longer afford their mortgage payments.
Where do I start?
Email us at info@realeasemarketing.com and we can guide you through the next steps!
A successful short sale negotiation may prevent the need for a foreclosure or bankruptcy. Short sales can satisfy a loan balance in full and have no long term adverse effects on a person’s credit file