A short sale works much like a traditional real estate sale, with one major exception - we negotiate with your lender(s) to accept a sale price that is less than what you owe on the property. The following steps explain, at a high level, how we manage a short sale for you:
1. By conducting a thorough market analysis on your property and surrounding neighborhood, we are able to determine a very competitive asking price that will generate a high volume of interest in your property. We do not take into account what you actually owe on the property to determine this price - we let the market determine it.
2. We have the property listed on the MLS through our highly qualified Real Estate Agents that specialize in short sales.
3. We regularly monitor the level of interest in the property, and adjust the asking price as is necessary to ensure a sufficient number of buyers are showing interest in the property.
4. We simultaneously market your property to a group of qualified buyers that have already approached us looking for short sale properties.
5. We take all qualifying offers and present them as part of a short sale offer package to your lender(s). Our team of professional mitigators negotiate with the lender(s) and buyer(s) until the sale is approved.
6. We represent your interests, and only your interests, in negotiating with the lender. Upon acceptance, the lender will issue a written approval detailing the terms they have agreed to accept. With the vast majority of the files we negotiate, we are able to have the borrower released from obligations on their loan(s). We apply our experience and creativity to satisfy; first mortgages, second mortgages, PMI (mortgage insurance) and third party liens (HOA/Condo associations, construction liens, etc.). Also, as long as this property is your primary residence, you will be released from all IRS tax obligations for the 1099 on the forgiven debt.
There are many reasons you may find yourself in this situation, including:
* You owe more (sometimes far more) on the home than it is currently worth - this is often referred to as being "upside-down" on the mortgage.
* Foreclosure activity in your neighborhood has driven property values down.
* You are moving out of the area and need to sell your current home, but are unable to in today's market conditions.
* You purchased an investment property that has depreciated and is now losing you money each month.
* You have experienced a loss of income and cannot afford to continue making your mortgage payments.
* Your payments have substantially increased due to an interest rate adjustment, property tax/insurance increases and homeowner/condo association dues and you can no longer afford to keep the property.
* You want to avoid a default judgment and the additional credit damage associated with a foreclosure sale.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")