Quick Q/A on Short Sales
Are you fearing a possible foreclosure? Does it seem like you don’t know where to turn or where to start to avoid foreclosure? Are you feeling like giving up and doing nothing? Your short sale team knows how to help. If you pick up the phone and call your short sale team, you will know that it will be ok. If you need to avoid foreclosure on your Palm Beach County home or your Martin County home, you’ve found the right team to help. The short sale process is really simple especially if you break it down into small pieces. Also having a short sale team that is here to help you along the way, makes a huge difference.
Let’s start with some basics. What is a short sale. A short sale is when the current market value is less than what the home is worth. Additionally, a short sale is when a seller can’t pay the difference. A short sale therefore is subject to your lender approving the short sale as they are accepting less than they are owed.
Many sellers look to a short sale is an option when they have attempted loan modification with out success or when they can no longer afford their property. This is a good option to consider if you owe more than your home is worth and you don’t have the financial ability to pay the difference.
So what do I need to know if I am considering doing a short sale?
What is my first step to selling my home as a short sale?
The first step is to hire a short sale expert with a division in Palm Beach County or Martin County. The Treu Group has the experience to get you to the closing table. Hear what others say about your Palm Beach County and Martin County Short Sale Agents. Having a short sale agent that understands how to work with your lender, is critical.
I have an offer on my property. What happens next?
Now the fun begins. It is the most critical part to increase the success for your short sale process. The reason that many of the short sale deals aren’t approved is due to the way that the offer is put together. The Treu Group has figured out how to put a deal together in a way that improves the chances to get you to the closing table on your short sale. We have a multiple step process that is a big part of reason behind our short sale success.
How will a Short Sale impact my credit?
A short sale is like getting your car into an accident in a parking lot, there will be damage. It will be less than an accident on a major interstate. The Treu Group is always looking to minimize your damage. The completion of a Short Sale may affect your credit rating.
What documentation will the bank need to review my short sale?
So are you ready for some good news? We will give you the specific information you need to complete when we meet. The basics of the Short Sale requirements will be the financial information and your hardship for doing a short sale. You will provide us with the requested information so we can make sure all is in order.
Do I need to send the paperwork to the lender?
The good news is that your short sale agent or negotiator will do this for you. Many of the headaches and stresses will come off of your shoulders and onto your short sale agents. The Treu Group will fax or upload your documents for you for your short sale.
How long does the process take?
Once all required documentation is submitted a decision is typically completed within 90-120 days depending on the situation. The good news is that we know what is typical for your lender or investment.
Will I have any tax liabilities?
Consult your tax advisor to see if you will incur any tax liabilities as a result of the short sale. 2013 is the time to do your short sale if you want to avoid possible tax liabilities.
What will a Short Sale cost me?
No one should charge to do a short sale. Not your lender and not your short sale specialist. You can have the best short sale agents and it will not cost you any money.
Will I be required to pay back the amount of the shortage or the deficiency balance?
The approval letter will specify the terms of the Short Sale approval. Your Loss Mitigation specialist will be able to explain whether the deficiency balance will still be owed. Your short sale team has had great success in helping our clients obtain a release of deficiency.
My loan is in Foreclosure. Can you still help me with a Short Sale?
Yes, however the Foreclosure may continue during the process. We have to work to beat the foreclosure. The time frame of the foreclosure process is speeding up so it is important to take action.
My loan is current. Can I still be considered for a Short Sale?
Yes, however the required financial documentation must be submitted along with a detailed Hardship letter explaining the inability to continue to maintain your loan payments. If you have a pending hardship, like a pending job loss, a short sale can be considered.
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Listing information last updated on September 25th, 2017 at 2:52pm EDT.