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Short Sale


Short Sales 

Frequently Asked Short Sale Questions from Homeowners/Sellers 

What is a Short Sale?

Simply put a short sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what is owed. 

Would I qualify for a Short Sale?

(1) A good short sale candidate is a homeowner who is behind on their mortgage payments(s) and is unable to keep up with all of their monthly obligations. Some of the reasons for falling behind on their mortgage payments(s) may include sudden change in monthly household income, loss of job, divorce, and more. 

How long does it take to do a Short Sale?

There are several steps that are involved with the Short Sale process... 

(1) The first step requires working with you as the homeowner to get all of the required documentation that your bank will require us to send them.

(2) The second step is scheduling an appointment with you to see your home and completing the listing paperwork.

(3) The third step we aggressively market your home for sale and produce a willing, ready and able buyer.

(4) The fourth step is the actual presentation of the offer to your bank. This is where our expertise and experience in negotiating Short Sales takes place. The actual negotiation/approval process can take as little as 2 weeks or as much as 3 months. On average most Short Sales take between 30-60 days from the date the offer is presented to the lender to the date of the Short Sale approval.  The process is usually not described as "fast" in most cases, but with the right team working on your behalf, you can be at rest knowing that everything is being handled diligently and with much care.  

(5) The fifth and last step to the Short Sale process is the period of time between Short Sale approval from the bank and the buyer closing on the home.

What if I don't have money to pay the Realtor commissions?

In a Short Sale transaction you, as the seller do not have to pay the Realtor commissions or any of the closing costs; the bank covers all of these costs.

Why exactly would a bank agree to a Short Sale?

A Short Sale, can often minimize the bank's loss by as much as 10-20% over a Foreclosure.  

Can the bank sue me or place a judgment against me for the difference between what I owe and what the homes sells for?

This is a good question that is best answered by a qualified Real Estate Attorney..  

It is also important to know that most Home Equity Lines of Credit (HELOC) are not just secured to your home, they are also personally "backed" by you.  This is another question that should be answered by a qualified Real Estate Attorney.   

I'm behind on my payments, how long until the bank forecloses on my home?

 While the bank has the right to file the "foreclosure notice" or set the trustee sale date (the date your home will be foreclosed on) as little as 30 days after you miss your mortgage payment, they often will not do so until you are 90 days or more behind on your payments. The bank has the sole discretion on when they want to file the sale date and all banks make this decision differently and within different time parameters. 

When the official "foreclosure notice" is filed (whether it is filed after you miss 1 mortgage payments or 3 mortgage payments), there is a 91 day period of time between the filing and the actual "foreclosure sale" or "trustee sale." 

When should we begin working on the Short Sale together?


Ideally we would like to begin working on your Short Sale as soon as you recognize that you are unable to keep up with your payments and will be falling 30+ days behind. The important thing for you to know and keep in mind is that the sooner we begin working with you on the Short Sale process, the more you increase your chance of a successful closing. Don't wait any longer, Call today for your free consultation....Edie Womack International Realty Services  
602 620 2936

 

 


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Edie Womack              602 620 2936

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