Clearly defines the Short Sale process and the four most common reasons why they are needed. John and Anthony explain the firms’ success with Short Sales by elaborating on their solid bank relationships and debunk myths about Short Sales.
Today we are going to discuss the facts about short sales. First of all I want to explain the exact definition of a short sale. A short sale is the process through which a mortgage company agrees to settle for less than what is owed to them on a mortgage.
There are many reasons that homeowners who are upside down need to sell their home but for the purpose of this video I will mention 4 of the most common that we see:
1. Some people need to sell their home and move for typical life reasons such as a growing family, divorce, or job relocation but feel like they can’t because their mortgage balance is higher than what their home is worth
2. Many people are behind on their mortgage and can no longer afford their home or
3. Some people are not behind on their mortgage but are barely keeping up and they know they wont be able to make ends meet much longer
4. More people have been trying to work with their bank to get a loan modification and are getting the run around and realize that selling their home is the best option.
If you are in any of these situations we CAN help you with a short sale. We have over a 90% success rate of getting short sales approved on our first attempt.
Don’t be fooled with the false rumors out there that “short sales are impossible or why would a bank agree to that, or they take forever to get approved, or I can’t even get my bank to call me back for a loan modification so why would they allow me to sell the home for less than I owe?”
The truth is a Short Sale is by far the best solution for borrowers and for banks. A foreclosure costs the bank a tremendous amount of money and they don’t really want to foreclose unless they are left with no other choice.
We began doing short sales before most back at the end of 2006 when the market was starting to change. We must admit at that time they were hard for us too. Since that time we have completed hundreds of successful short sales and have made great relationships with every major bank in the country. We have direct communication on a daily basis with short sale VP’s, directors and negotiators at Bank Of America, Chase, Wells Fargo, Citi, National City, American Home Mortgage, GMAC, Fannie Mae and Freddie Mac, … the list goes on and on. This gives us a HUGE advantage over our competition. In fact, we have even flown to their locations and had meetings with them to strengthen the relationships and discuss more efficient ways to process short sales. This has really helped our average time to get a short sale approved which is about 6 weeks. That is unheard of among our completion!
The point we are trying to make is you can sell your home for less than you owe in most cases and the bank will forgive the difference. In addition if you are selling your primary residence you won’t have to pay any Federal taxes on the difference because of the 2007 Mortgage Relief Act. All of this goes to show that a short sale is by far the most responsible and best way to deal with selling your home when you owe more than it is worth. Walking away and allowing your home to be foreclosed on should NEVER EVER be considered. We hope to hear from you soon.