Selling Your Home Via A Short Sale
If you are in a situation in which you can no longer afford your home, are behind in your home payments, are going into foreclosure, then a short sale may be the best option for you. Your bank might approve of a short sale because the option of the foreclosure process can cost them a lot of time and money. Banks usually get more proceeds from a short sale than a foreclosure sale.
In a proper short sale, the bank would get the proceeds from the sale, and you would be forgiven the rest of the debt owed on the home. You will avoid a foreclosure and the bad credit that goes with a foreclosure. The closing costs of the sale will be absorbed by the lender - including sales commissions -- so selling the home short will not cost you anything. Also, the government is currently allowing those undergoing a short sale to avoid taxation and liabilities that previously existed with this type of sale.
What's the catch? You do have to qualify for the short sale. You need to have a financial hardship that makes you unable to pay your mortgage. The lender will want to see all of your financial info including bank statements, tax returns, and paycheck stubs. Financial hardships would include things such as:
Loss of employment, or reduction in pay
Death of a spouse
Medical bills
Health issues that prevent you from working
Divorce
Job relocation.
The first step is to list
your home for sale so that we can start the process. We use a professional
negotiator that has a ton of experience in assisting us with the bank
negotiations. We will obtain an offer quickly so that the short sale package
can be sent to the bank, and so that you are not inconvenienced by a bunch of
buyers traipsing through your home.
Keep in mind that escrow fees, title
fees, real estate agent commissions, and other closing costs will be absorbed by
the lender. When we list and sell a home as a short sale, there are no expenses
that the seller has to pay.
To speak with real estate professionals that can best help you with the short sale of your house, contact Greg Haraksin (714) 883-3638 or Tony Leocadio (714) 673-7363 your Orange County Realtors®.