We Specialize in Handling Short Sales.

What is a Short Sale?
A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the home owners can get complete relief from all of their mortgage debt. The end result is the home is sold, the mortgage is satisfied (paid off) and home owners avoid a foreclosure or a bankruptcy. Perhaps even better, credit ratings will almost immediately improve because credit reports show that the mortgage was settled in full.

Does It Matter Who Does a Short Sale?
Very much so. Traditional real estate agents only get about 15% of their short sales approved. By having experienced negotiators that handle short sales all day, every day, and, by limiting the short sales we handle, we should get through almost every short sale.

What Do We Charge the Home Owner to Do a Short Sale?
Our short sale processing is FREE to the home owner. We do not charge either home owners or agents a penny.

What are the Benefits of a Short Sale?
When a Short Sale is achieved, there will not be a foreclosure. A foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

Protect credit. Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

Our Short Sale Service is FREE to you; the lender covers all the costs involved.

Controlling future costs. If a property is sold at an auction, owners may owe deficiencies and other expenses to the lender. Under most short sales we process, the homeowner will be relieved of this possible future burden.

How Much of a Discount Will the Bank Take?
That is a common question. However, it is the wrong question. The real question for lenders is: What is the house worth today so I can determine how much money lenders can salvage out of a bad situation? Remember that you represent the homeowner and are trying to get the highest price possible for the lender.

Can Investment Properties be Short Sold?
Most definitely. Any type of property can be sold through a short sale.

Can you do Short Sales Anywhere in the Country?
We have done short sales all over the country.

What Happens If I Don't Do a Short Sale or a Short Sale is Unsuccessful?
The result is the same: A foreclosure. Our goal is for home owners to avoid foreclosure, which will affect credit more than a short sale. Generally a foreclosure is one of the most damaging occurrences in a credit history. Most likely most homeowners will miss mortgage payments through the course of a short sale and this will show on their credit history. But at the end of the day, when a short sale is completed, most credit reports will show that the mortgages has been "satisfied" and typically credit scores should almost immediately rise by 65 points, because of a vastly improved debt-to-income ratio.

What is the Short Sale Process?
Upon receipt of a complete short sale package, we will fax the complete Short Sale Package to the lender and confirm receipt in 3 – 7 days. Why 3 – 7 days? This is the amount of time it takes for the bank to upload the packages onto their system. Once they confirm receipt, we ask the lender with the first mortgage to order an appraisal or a Broker Price Opinion (BPO), and request that a negotiator be assigned. It is important that you meet the appraiser to tell him or her why your short sale is a good offer for the bank.

Once a negotiator is assigned they have 30 business days to review the offer. During this time we continue to check back regularly to get a status so that we can keep everyone informed. Once they deem the offer as Bona Fide, they submit the offer to the investor (the actual owner of the mortgage) for final approval. This can take up to 30 business days.


After an Approval is Issued, How Do We Close?
Once the approval is received, the lender's approval will give the parties a maximum of 30 days to get the deal closed (it is occasionally shorter). Sometimes, if you are getting an FHA loan you will get additional time with no penalty towards commission. If you need an extension banks usually charge the agents 1% of your commission. For this reason, it is very important to close on time. We will give you an indication that an approval is forthcoming so that everything can close in the time allotted.

Neither the lender nor the title company can close overnight. The title company must get the HUD-1 to us for approval 72 hours before the closing. This allows us time to submit the file to the lender so that there are no surprises at the closing table.