Short Sales
For more information, please visit our Short Sale Website at www.YourShortSaleNegotiator.net
Dear Homeowner,
As a result of today’s foreclosure crisis many homeowners are losing their homes to foreclosure without ever realizing they have other options. Don’t assume that you’re supposed know this! In this market and economy most people are hearing these terms for the first time.
What is the difference between a short sale and a foreclosure?
A short sale is the sale of a home or other asset for less than the loan balance to an outside buyer. Many lenders will agree to accept the proceeds of a short sale and forgive the remainder of what is owed on a mortgage when a homeowner cannot make his/her payments.
A foreclosure is when the bank takes possession of the property because the owner has not made payments. When the process is complete the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs.
Benefits of a Short Sale (for the seller)
· The owner is selling the home (not the bank).
· Typically banks loose less in a short sale vs a foreclosure, so banks prefer them over a foreclosure.
· A short sale may have less impact on your credit rating then a foreclosure does.
· Banks must approve the short sale because the homeowners must prove they are incapable of paying the difference on the home.
· In many cases the seller can live in the home until it is sold.
· Commissions are paid by the bank and cost to the seller.
How can Team LAKE help?
A successful short sale may result in a better credit rating for the homeowner, which leaves open the possibility of future home ownership and other credit opportunities. As your foreclosure and short sale experts we want to help you avoid foreclosure with a short sale.
We negotiate with your lender on your behalf. We will assist you with obtaining offers, help you in negotiating the best deal and see you through the closing.
At LAKE Real Estate we create agency relationships through personal relationships and trust. We work diligently to sell your property. If you wish to cancel the listing agreement or if you choose to work with another realtor, you can simply fax the pre-signed notice of cancellation and your listing is withdrawn, at anytime.
The longer you wait to deal with your lender the fewer options you have. Please call, email or stop by our office today to discuss your situation.
Call today for your Short Sale Consultation!
Jill Tuttle - Short Sale Specialist 435.503.8449
