SHORT SALE
A short sale is an agreement with your lender to accept less than the total amount you owe on your home as satisfaction of your mortgage and release the lien so you can sell your home. For
example, if you purchased your home for $200,000 but now it is only
worth $100,000 and you must move, you can negotiate with your bank to
accept the current market value of $100,000 as payment in full.
Who Qualifies for a Short Sale? Anyone who currently owes more than their property is worth and is facing a financial hardship. A financial hardship can be loss of job, divorce, reduction in pay or hours, medical expenses, etc. If you are not sure if you qualify please contact us for a free consultation.
There are no up-front or out of pocket expenses to the seller on a short sale. The real estate agent's commission, any past due taxes or HOA fees, payoff for 2nd mortgages and closing costs are negotiated and paid for by your lender out of their proceeds.
The short sale process can sometimes be lengthy but once an offer is received on your property we can usually get bank approval within 30-45 days. Here are the steps involved in a short sale:
A short sale can be a great option for anyone looking to relieve themselves of negative equity or excessive financial obligations or for families who are moving out of state or relocating for work or school.
If you complete a short sale you can generally purchase another home within 24 months and avoid excessive damage to your credit. Some of our sellers have been able to repair their credit in as little as 12-18 months! A short sale can give you the fresh start you need!
If you are considering a short sale or have questions please contact us today for a free consultation!
Who Qualifies for a Short Sale? Anyone who currently owes more than their property is worth and is facing a financial hardship. A financial hardship can be loss of job, divorce, reduction in pay or hours, medical expenses, etc. If you are not sure if you qualify please contact us for a free consultation.
There are no up-front or out of pocket expenses to the seller on a short sale. The real estate agent's commission, any past due taxes or HOA fees, payoff for 2nd mortgages and closing costs are negotiated and paid for by your lender out of their proceeds.
The short sale process can sometimes be lengthy but once an offer is received on your property we can usually get bank approval within 30-45 days. Here are the steps involved in a short sale:
- Initial Meeting – Someone from our team will meet with you and discuss your financial situation, view your home, review comparatives with you, agree on a listing price, gather all required paperwork and financial information and prepare for marketing your home.
- Marketing your Home -- We have an extensive marketing plan which lists your home on over 50 of the top Real Estate websites. In addition to multiple photos we will create a flyer and virtual tour for your property, put up a sign with an 800 number (providing potential buyers with information 24/7), send out Just Listed postcards in your area, complete aggressive targeted marketing, market your property to our database, email local Realtors and much more.
- Begin Negotiations with Lender – We contact your lender and submit a full short sale package to them as soon as we list the property.
- Offer Received - Once an offer on your property is received we re-submit a full short sale package to your lender and aggressively follow up. Our short sale package is very comprehensive and includes local market information and other documentation to support our price and plead your hardship case. We call on every short sale file at LEAST 3 times a week to ensure that things never slip between the cracks. We will negotiate on your behalf to make sure that the bank accepts the offer on your home and issues short sale approval.
- Bank Approval – Once we receive bank approval we are ready to close on your home! It generally takes 30-45 days to receive lender approval but can take up to 90 depending on your lender and availability of all financial information. Once the approval letter is received your buyer has 30 days to close and we're done!
A short sale can be a great option for anyone looking to relieve themselves of negative equity or excessive financial obligations or for families who are moving out of state or relocating for work or school.
If you complete a short sale you can generally purchase another home within 24 months and avoid excessive damage to your credit. Some of our sellers have been able to repair their credit in as little as 12-18 months! A short sale can give you the fresh start you need!
If you are considering a short sale or have questions please contact us today for a free consultation!
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Real Estate Services Provided By
Integrated Residential Companies, LLC
7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
