Short Sale Assistance

If you or someone you know is experiencing a financial hardship, a Short Sale may be the answer for you. As a Certified Distressed Property Expert (CDPE) I have the tools and expertise necessary to navigate through this very challenging process. My services are free (paid by the lender) to Distressed Property Owners that want to sell their home as a Sort Sale/Pre-foreclosure, so Email or call today!

What is a Short Sale?

Not long ago people thought of a short sale a home for sale where the owner wanted to sell in a “short” amount of time and the general thought process was that you could get a really good deal because the home owner wanted to get rid of a property quickly and were therefore willing to negotiate a really good price on the home. There are still some people out there that think that way, but with the media coverage as of late, most people now know that this is not the case.

Simply stated, the term short sale means that the mortgage holder (bank) has decided that they would be willing to allow their home owner to try and sell their home for less then what they actually owe on their loan. Thereby “shorting” the bank the difference of what they will now be settling for vs. what they would have gotten if the property owner had paid off the loan in full.

The misconception that this is a “short” process could not be further from the truth. The reality is that a short sale transaction takes longer than any other type of home purchase transaction, but the reason for that is because there are many checks and balances required by the bank to make sure that any offer they accept will actually not cost them more money than a simple foreclosure would. They also need to verify that the loan holder (property owner) actually qualifies (not just anyone can do a short sale) to do a short sale, and that the potential buyer actually qualifies for the new loan.

The good news is that the banks have now realized that accepting a short sale request/offer will be more profitable then a foreclosure (they still loose, just not as much) and most have implemented processes that will help to streamline the short sale transaction.

Another positive about a Short Sale is that although it could lower your overall credit score, it may not be as damaging as a foreclosure, allowing the home owner to recover faster financially.

Please visit my Short Sale vs Foreclosure page to learn more about Short Sales and Foreclosures and how differently they can impact your financial future

Hundreds of thousands of home owners are in financial distress; Statistically 1-545 homes in Harris County, and 1-389 homes nationally, are currently in foreclosure.

Due to the declining housing market, many are faced with the reality that they owe much more then what their home could sell for as a traditional resale property, and simply can’t continue to make the required payments.

Many are behind on their payments and see no possible way of catching up, while others have already received a foreclosure notification (Notice of Trustee sale) from their mortgage holder. In Texas once the notification has been made, the home can be sold at auction after just 21 days. If you’re in a situation like this, remember don't give up, you are not alone, its not too late but you MUST act quickly.

The longer you wait, the harder it will be to get a bank to work with you, and unfortunately the result will be a catastrophic.

There are some minor differences between a conventional short sale and a FHA/HUD pre-foreclosure so be sure to visit my pre-foreclosure page for more information.

What qualifies you for a short sale?

Qualifying for a short sale typically requires that all of the following conditions exist:

• The home’s current market value is less than the debt.

• The mortgage is in or near default.

• The seller has a true hardship (one or more of the following conditions exist)

• ·         Loss of job
• ·         Reduced income
• ·         Business Failure
• ·         Damage to the property (fire, water damage, hurricane etc…)
• ·         Death of a spouse or Family Member
• ·         Severe illness
• ·         Mandatory job relocation
• ·         Excessive medical bills
• ·         Military Service (ex: called to active duty)
• ·         Divorce or Separation
• ·         Mortgage payment increase/mortgage adjustment
• ·         Taxes or Insurance increase
• ·         Excessive debt
• ·         Incarceration (self/spouse)

• The seller has no other assets with which to pay back all or part of the debt.

• The borrower is unable to qualify to modify or refinance the loan.

Remember, even if these conditions exist, the bank may refuse to allow a short sale, however this prospect is unlikely. Take charge of your situation now and give me a call (832)576-4902 or email me . We can start working together immediately to get you on the road to recovery today.