Short Sale Home
A short sale home refers to a house that is in foreclosure and is being sold for less than is owed on the mortgage note. Chances are you have seen realtor signs that say "Short Sale Property." This type of real estate can be a good investment for first time buyers, investors or anyone looking for a good deal.
Homeowners selling a short sale home only have a small window of opportunity to locate a qualified buyer. Otherwise, the lender will commence with foreclosure. Losing a home to foreclosure wreaks havoc on your credit and your psyche. It is very painful to lose your home. It's embarrassing and leaves you feeling depressed and anxious. Foreclosure leaves many people homeless or paralyzed with fear.
Because of the magnitude of foreclosure properties, lenders are now allowing more homeowners to enter into short sale agreements. Short sales do not allow homeowners to keep their home. Instead, borrowers are allowed to sale their home for less than they owe.
It is important to understand that each lender handles short sales differently. Some lenders will agree to accept the sale price as payment in full. Other lenders persue the borrower for the difference between the purchase price and balance of the mortgage note. This is known as a Deficiency Judgment.
Deficiency judgments remain on your credit history until they are paid in full. This means borrowers will be unable to obtain a mortgage loan until the judgment is paid. If you owe $180,000 on your mortgage loan and sell the property for $150,000, you will have to repay the bank $30,000. Careful consideration should be given before entering into this type of short sale arrangement.
If your lender accepts payment in full, a short sale can be a wise decision. Short sales will affect your credit rating, but are not as detrimental as foreclosure. If you rent a home and establish a solid payment history, you can apply for a new mortgage loan within two years.
In order to participate in short sales, the first thing you must do is contact your lender. When borrowers fall behind on their mortgage payments, their loan is assigned to a loss mitigator. If you have received pre-foreclosure notice, the name of your assigned loss mitigator is usually included in the paperwork.
Currently, only 10-percent of short sale requests are approved. In order to significantly improve your chances of short sale approval, you need to work with a short sale specialist. Some realtors are becoming involved with short sale properties; however, few have obtained extensive training in this field.
Simon Volkov team has earned a reputation for being one of the nation's most successful short sale home specialists. He possesses an 80-percent approval rate and has completed nearly 400 successful transactions in California, Florida and Washington.
Although real estate agents are standing in line for Simon to handle all their short sale real estate, Simon is currently focused on helping homeowners who need to sell their house quickly to avoid foreclosure.
Due to time constraints, Simon is only able to work with a limited number of people. At this time, Simon allows homeowners to submit property information via the "we buy houses" form at no charge. He will review the property and contact you by phone to discuss your options.
If you are facing foreclosure you cannot afford to wait another day. Simon is offering an opportunity for you to escape financial burdens and walk away from your home without owing a dime to your lender.
You have nothing to lose and everything to gain. If your short sale home adheres to Simon's stringent guidelines, he will purchase your home and take control of the short sale transaction. Act now before it's too late.