Call us for a free Short Sale consultation at 281-450-1800 or email searealestateservice@me.com today. We can help!

WHAT IS A SHORT SALE?

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed to the mortgage lender.

The short sale of a property is initiated through negotiations with the existing lender. The short sale occurs when the lending bank agrees to discount a loan balance due to an economic hardship on the part of the mortgagor, and accepts less than the full amount owed to satisfy the debt.

WHY WOULD MY BANK APPROVE A SHORT SALE?

From your mortgage lender's standpoint, it's all about smart business. If the bank has to complete the entire foreclosure process, it could lose more money than it could recover by agreeing to a short sale. The lender will assess the profit and loss potential in both foreclosure and short sale scenarios, when deciding on approving your short sale.

Keep in mind all the costs of the foreclosure process, plus the bank's costs of owning a home while waiting for a buyer. Assuming a bank owns a property for an average of six months in today's market; costs can include Attorney Fees, Utilities, Maintenance and Repairs, Property Insurance, and Holding Costs.

Add those costs to the interest already lost on the mortgage, and the bank is looking at a loss potentially adding up to tens of thousands of dollars. The costs keep adding up in the event the bank is unable to find a buyer.

DO I QUALIFY FOR A SHORT SALE?

If you are considering a short sale, you will need to meet some basic requirements. Are you able to answer "yes" to the following requirements?

The House's Market Value has Dropped
There is no available equity in your home, and the current amount owed to the lender is greater than the fair market value for the home. A large number of homes fall into this category based on current market conditions, and the rapidly dropping values of homes across the country.

The Mortgage is in, or approaching, Default Status
In the past, lenders would not consider a short sale if your payments were current. That is no longer true today, based on current economic conditions. Because many factors can contribute to a potential default, many lenders are willing to find solutions to future problems.

The Homeowner has Fallen on Hard Times
The homeowner will be required to submit a letter of hardship to the bank, explaining why the homeowner has or will stop making monthly payments. Examples of hardship include Unemployment, Divorce, Bankruptcy, Medical Emergencies, and Death.

The Homeowner has No Assets
Most lenders will want to see that the homeowner does not have any assets that could be used to pay the shorted difference of the mortgage. Your lender will likely request copies of your bank statements and tax returns.

IS A SHORT SALE OPTION THE BEST OPTION FOR ME?

If you have negative equity in your home, are behind on your payments, or may be unable to continue making payments, a short sale may work for you. If you are unable to sell your home for the amount you owe your mortgage lender on the balance of your loan, a short sale is one option to get your home sold.

Only you can decide what choice is the best for you regarding your home and financial future.

A short sale is one potential option in avoiding foreclosure. Other options include loan modification and bankruptcy, among others. Because we are not attorneys, we do not give advice on which option you should pursue. We can, however, help you in the event you chose to short sale your home.

A short sale allows you to avoid foreclosure, and the hopelessness and anxiety involved.

WHY CHOOSE US for your SHORT SALES?
Just 23% of short-sale offers from potential buyers actually close, according to USA Today, article published 8/4/09. We have tools to help you through the process!
Short Sale is the BEST choice for selling your home in today's complicated real estate market.
• Our team is partnered with several of Texas Top Real Estate Attorneys.
• Our unique process includes THE MOST options for selling your home in the current market.
• All Realtor fees, commissions, and closing costs are paid for you. You can sell your home at no
cost to you.
• We provide real estate listing, selling, buying, and closing services as a bundled product,
allowing homeowners to meet the strict time frames and requirements of lenders during
the short sale process.
• Short Sales is not a "foreclosure rescue" company that charges up-front fees or retainers. There
are no charges or fees for any homeowners, and our team is comprised of veterans in the
real estate, mortgage, real estate property attorneys and management.

Email today and speak with our experts today for more information or call us at 280-450-1800 or email us at searealestateservice@me.com