Are you facing a short sale or foreclosure?
Concerned about how much you owe?
Many owners today need to sell their home but owe more than they are able to get from buyers. Rather than face foreclosure, we can help owners in those situations navigate the complicated Short Sale Process and can do it without you paying a dime.
We have agents who specialize in short sales have completed the “Short Sale and Foreclosure Resource (SFR)” designation. These professionals have been trained specifically and experience multiple short sale situations, guiding sellers and buyers through the short sale process.
How does a Short Sale Work?
Each short sale experience is different because each seller has a unique situation and each bank has its own requirements for transacting a short sale. Here is a general outline of the process:
Contact your bank to get a short sale packet
- Complete a hardship letter and collect personal financial information
- List the home for sale to obtain offers
- Submit short sale packet
- Await Broker Price Opinion (BPO)
- Negotiate settlement price with bank and secure liability release
- Repeat process for each loan attached to the home
- Sell the home
- If the bank issues a 1099, then complete the IRS form to negate the income
The process is not an easy one, but it often works out best for all the parties involved by reducing the impact on the seller’s credit, keeping the home from foreclosure, and providing a good opportunity for a new buyer. All of which can be done without costing the Seller anything.