Our Guaranteed Short Sale Success:
- ABSOLUTELY FREE: NO COST TO HOMEOWNER (the bank pays everything)
- Attorney consultation available at your request
- Ability to buy another home in as short as 90 days (our attorneys fight for your credit)
- Walk away from anything owed to the bank
- Everything is negotiated on your behalf, even when you move, which can save you 6 months of payments or more
- We have been able to negotiate up to $30,000 to get paid to the homeowner at closing, just for cooperation in the short sale process
What is a Short Sale?
A short sale is a mutual agreement between the borrower and the lender to sell a property for less than what is owed on the mortgage(s). Once eligibility of the homeowner is accepted by the lender, the process is simple. The borrower sells the property and provides all of the proceeds from the sale to the lender. Although the lender, in most cases a financial institution or bank, may incur a loss, it is a better solution than non-payment from the borrower. Non-payment will ultimately result in foreclosure, but it is usually a much longer and more costly alternative, and thus, a short sale is the fastest way to obtain liquidity for the lender in such circumstances. When a borrower completes a short sale, the end result will help maintain a positive credit history despite the current circumstances. Also, a short sale may eliminate any and all debt that the borrower owes on the mortgage.
Typically most lenders have a specialized department known as the Loss Mitigation department, which decides when to opt for a short sale. The criteria for short sales varies greatly among lenders and most have changed their criteria drastically to accept more short sales over the past several years. It is not surprising to see lenders keen on accepting short sales even when the borrower is not in dire need. Once a bank obtains a Broker Price Opinion (BPO), it is a simple business decision on the part of the lender to accept a short sale, and in turn, reduce or mitigate their loss. Some lenders may even choose to distribute a portion of the sales proceeds to the homeowner, as an incentive to complete the short sale, and help to reduce the bank's loss.
