Short Sale Facilitation
Today, lenders are now more willing to accept short sales than ever before. Short sales allow an opportunity for struggling borrowers who owe more on their mortgage than their property is worth and who are having trouble selling their home to avoid foreclosure as a result.
We assist real estate agents and their clients in facilitating their short sale transaction with no fees due up front. We negotiate our fees with the short sale lender.
We have a very proficient short sale team which consists of a dedicated and experienced short sale facilitator, a closer and other supporting staff who work closely with an attorney to work effectively to make sure that your short sale transaction is handled properly. Our facilitation team has over 5 years of proven experience and excellent customer satisfaction rating.
What exactly is a Short Sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor.
Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower.
In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor”, a short sale is simply the most economical solution to a problem.
Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure.
A short sale does not by itself extinguish the remaining deficiency balance unless settlement is clearly indicated on the short sale approval letter. We try our very best to get this deficiency balance waived for our clients.