What is a home short sale?
If you need to sell your house but you can’t because you owe more than it’s worth, a short sale may be the right option for you.
Advantages of short sale:
- May be less impactful on credit score than Foreclosure.
- The waiting period to be considered/approved for a loan to purchase a new home is considerably shorter than with a foreclosure (0-2 vs 5-7+ years).
- You stay in home until agreed sale date.
- You may be able to negotiate relocation assistance (typically not more the $3000)
- You have an advocate working for you (us…and we’ve successfully negotiated many short.
- sales) we will explain the process and Hold your hand and help you through.
- Honestly, we can’t dictate what each bank will do but experience and knowing how to best present YOUR CASE to your lender allows us to be successful.
Why will your lender approve a short sale?
It’s in their best interest too!
Think a short sale might be right for your situation?
- You maintain the home until closing
- The bank doesn’t get surprised with a home’s condition (like they do after a foreclosure sale)
- They get to send out a representative (often an appraiser) to evaluate the property allowing them to make a solid business decision. A much better choice than taking the property at foreclosure. The truth is they don’t want to own your home!
When you hire MPS to handle your short sale you don’t pay us anything! If we are successful (and we have been 99% of the time). We will get paid as part of the deal the bank approves. You pay nothing out of your pocket for our services. You will be responsible for your operating cost (water, sewer, electric, gas, oil).
We will either buy your house, or find a buyer for you! Often we buy the homes we negotiate for short sale. In some instances we have too much going on for us to purchase the property and we find you another qualified buyer from our buyers list and still negotiate the short sale for you.
The short sale process is a multi step process which is more complicated than a traditional home sale, requiring more time, paperwork and knowledge. To effectively navigate this process, you need an experienced short sale professional. Don’t just assume your realtor has experience at successfully completing short sales — ask what they’ve done and for references. We negotiate our own short sales and do not farm this work out to a third party negotiator!
Always seek the advice of your legal and tax advisor(s) as we are not tax advisor nor attorneys