As an experienced Short Sale expert and a
Certified HAFA* Specialist with many successful short sale completions, I will help you maneuver the complexities of a short sale.
My knowledge, expertise and understanding the capacity of lenders, will eliminate foreclosure worries by working on your behalf to negotiate a successful close. Selling expenses, closing costs and even move out expenses will be paid for by the bank.**
The majority of properties on the market these days are either Short Sales or Foreclosures. Today's statistics say over 80%.
A short sale is a sale of real estate in which the proceeds from the sale are less than the amount owed on a loan of that particular property.
In a short sale, the bank or mortgage lender agrees to accept a lesser amount than what is owned on the loan. The property is sold and all proceeds go to the bank.
In such instances, the lender has the right to approve or disapprove a proposed sale. A proven hardship by the home owner must be demonstrated, generally a financial hardship which could be based on economonic changes including medical and family, and based on that hardship the bank will either approve or deny the home owner permission to do a short sale.
A short sale typically is done to prevent a foreclosure. And with the new HAFA Program* the time line and procedure is streamlined.
For the seller, it results in a significantly less impact on FICO scores than a foreclosure would, with less ongoing impact.
How it works is: A buyer or buyers put in an offer for the property, the seller chooses the best offer and the offer is submitted to the bank for their approval. Under the HAFA program* approvals can as only 10 days, whereas a regular short sales can take anywhere from 30 to 90 days for an approval.
If the offer is approved and you are the successful bidder. There will be certain conditions that the bank will want, may be even a price adjustment (up), reduction of some fees, and other items are generally denied like a home warranty policy, termite work etc, and if all of that is agreed then you open escrow.
The property 100% “as is” the bank will not give $$$ to any repairs. There can be conditions that come up which would not be applicable to a normal sale. E.g. if there is something wrong with the house, the bank will not fix it. It is yours to fix. This may also apply to any termite work that needs to be done and several items MUST be done before the bank will fund the loan.
**In the majority of cases if your short sale is approved by the bank/lender
* Affordable Home Alternatives Program
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