Short Sale Specialist
I did my first Short Sale in 2003. It was a military person who was transferred to Texas and could not afford to pay two mortgages. We did a Short Sale on his home in Dayton and the home sold within a week of the price reduction. That transaction was very new to me and the bank and went quickly and smoothly.
Short Sales have evolved since then into this highly complex processing system. I do a lot of Short Sales now and have the expertise in helping my Seller through the process to the positive end. If you would like information on your options, send me an email at firstname.lastname@example.org. I will go over your situation with you and plan a strategy that will work for you.
What Is A Short Sale?
A Short Sale is an option for a distressed homeowner, seeking to avoid foreclosure, to sale their home at a discounted price and settle their mortgage debt. The seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer purchases a property at a discount, and the lender avoids taking on the added burden of foreclosing on the property.
Home Affordable Foreclosure Alternatives (HAFA) is a federal program that makes Short Sales a viable alternative for the homeowner.
The homeowner must meet certain criteria:
- Cannot afford their first mortgage.
- Want to avoid foreclosure.
- Have exhausted all loan modification attempts and cannot keep their home.
The government offers:
- Financial incentives to stay in the home until it sales.
- The above incentive is issued if the Seller keeps the home in good condition until it sales.
- Forgives the remaining debt owed to the lender/invester.
*Every situation is different and every lender/invester has its own standards and requirements for approving a Short Sale.