A short sale, simply stated, occurs when a home is sold for less than what is owned on it. Our knowledge, experience, professionalism, hard work, and pure doggedness have resulted in successfully closing over 500 short sales so far.
Here are a few things you should know about how to handle short sales:
- We will list your home for FREE. You pay NO COMMISSION.
- We handle all the negotiations with your lender(s).
- We offer FREE assistance in helping you find a place to live that is willing to lease to those with a short sale credit history.
Recently, some lenders are offering new programs that streamline the short sale process and add cash incentives to those who short sale their home to help them relocate or possible even purchase another home. Please note that this may only pertain to select lenders or programs and you must be able to qualify for a new loan. There are programs available that include some or all of the following features:
- Less financial documentation required
- No deficiency judgment on the mortgage
- No promissory note
- Minimal credit score damage
- $3000 or MORE cash incentive paid at closing
Lender Approval Statements
The following are ACTUAL STATEMENTS from a few of the lender approval letters we have received as a result of our negotiations for our sellers. The amount forgiven reflects the difference between the balance due on the loan and the amount the lender received from the short sale of the home.
"[Name of Lender] agrees not to pursue a deficiency judgment for any unpaid amounts on the loan after tender of the net sale proceeds in accordance with this approval letter." – $115,000 FORGIVEN
"We will accept the sale proceeds as full satisfaction of your mortgage. Any remaining amount of indebtness will be fully discharged on the mortgage and we will release you from all resposibilities for repaying your mortgage." – $113,000 FORGIVEN
"The shortfall amount (outstanding loan balance including additional charges, less net sale proceeds paid to [name of lender], estimated $103,560.63 is FORGIVEN"
"Upon receipt of the agreed amount, [name of lender], and/or its investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgement or deficiency." – $25,082.52 FORGIVEN
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Hina was our realtor for our first home purchase. From start to finish, Hina went above and beyond to help my husband and I through the process. She was always quick to respond, either via email/text/phone, and provided exceptional service to address any of our questions or concerns. She was extremely knowledgeable and sharp. Without Hina, we probably wouldn't have gotten our home, which had multiple offers on it. Once our offer was accepted, Hina provided us with a step-by-step guideline of what to expect and complete to get us to closing. We had a 30-day close period, so her guidance kept us on track to close on time.
In addition to her attentiveness to us as the buyers, Hina was also quick to communicate with all other parties involved - seller/lender/title agency, which made the process very smooth for us. A couple days before closing, our lender let us know they couldn't process our funds exactly like what we had agreed with the seller - this is something that could've delayed our closing - but Hina worked her magic and got all parties on the same page so that we could close on time and with the terms we had agreed on originally. We would highly recommend Hina's services to anyone.
Jules and Neil - Tampa, FL