A short sale is when you sell your home and your lender agrees to take less then you owe on your mortgage. A short sale may be right for you if:
- You have fallen behind or are in danger of falling behind on your mortgage payment.
- Owe more than your home is worth.
- Have been declined for a loan modification, or have decided against one.
- You would like to avoid foreclosure, minimize the chances of a deficiency judgement, and salvage your credit rating.
Why is a Short Sale better than a Foreclosure?
- In a Short Sale, the bank releases you from the loan, there is no further obligation to pay. In a foreclosure, the bank can sue you for the short fall.
- After a short sale, you can repair your credit within a year or two.
- Always contact an accountant and attorney to discuss any tax or legal implications that you may incur
What does it cost?
- All brokerage commission and closing fees are paid by the bank at the closing.
If you are considering a short sale you are not alone. Nearly 1 out of every 6 homeowners in America are behind on their mortgage payments.
We at Parkview Properties know what it takes to get a short sale approved and will help you during the entire process. Including:
- Short sale package preparation, review and submission to your lender
- Continuous follow up on short sale package receipt and progress, BPO/Appraisal coordination
- Short sale negotiations: We work diligently to get you the best terms of debt settlement and communicate regularly with your bank negotiator until a satisfactory resolution is reached
- Regular homeowner updates on the progress of your short sale
- Coordination of all parties for closing
Contact us today to help you through the short sale process and to avoid foreclosure.