SHORT SALE QUESTIONS AND ANSWERS:
What is a Short Sale?
A short sale occurs when a homeowner sells their property for less than the amount owed to the Lender.
A short sale requires the approval of the Lender(s), PMI company or government agency, (a third party).
What is HAFA?
HAFA - Home Affordable Foreclosure Alternative is a Government created program to help the Homeowner AVOID the difficult foreclosure process - and the Lender MUST release the Seller of any unpaid balance on their mortgage.
If an Owner/Seller qualifies for the HAFA program they will receive $3000 to re-locate.
The guidelines for HAFA are very detailed. We have dedicated many hours to advance our education in the near and recent months to familiarize ourselves with this program. The United States Treasury started with the program in April/2010. Fannie Mae and Freddie Mac are following with a target date of August 1, 2010. Call us today to inquire if you qualify for this program. There are many positive changes in the short sale process - and we are excited about them - one is a pre-approved short sale - no more waiting for an offer to find out if you can short sale your property!
The paperwork is detailed and it is imperative your Agent be familiar with the process to get you qualified for this program, call us if you have questions concerning the qualifications.
How do I know if I qualify for a short sale?
Call us today for a confidential interview - we have advanced our education, to assist you in the short sale process - we know - yes we do - what a difficult process this is - we can STOP the bothersome phone calls from your Lender, keep you in your home until it sells - and if you qualify for the HAFA program, you will receive a $3000 relocation fee.
If I am behind on payments, or have been notified of a foreclosure - can I still short sale my home and stay in it?
YES, YES - Please don't hesitate to call us today ... and don't move out - please.
How will a short sale impact my credit verses a foreclosure?
A foreclosure will have a HUGE impact on your credit - a short sale will have an adverse affect - however if you short sale your home and are not in default, you may be able to qualify for a new loan the day after you close on your house!
If you "walk away" and allow a foreclosure to happen, it can take up to 7 years before you can buy another home. The wait time for a short sale, if you are in default differ, depending on the loan you have, wait time is usually 2 - 3 years, and can be less depending on the circumstances. Does not compare to the wait time with foreclosure on your record. The NAR has published a chart with the impact of adverse credit - please call or email us and we will be happy to send you a copy.
What is your real estate commission to short sale our property?
Our services won't cost you a penny! Our fee and most all your closing costs are paid by your Lender. We understand the financial difficulties and design our services to help homeowners find a solution to their mortgage problem. Below is a partial list of the services we offer:
- We help you avoid foreclosure and eviction
- Act as the liaison between you and your Lenders
- Provide you and your Lender with all the proper documents to expedite the sale of your property and minimize damage to your credit
- Aggressively market your property through the Internet and hard copy advertising
- Provide you with a secure paperless document site to help protect your identity
- Provide you with our Attorney servicing center for FREE to answer any legal questions you may have during the process
- Help you to sell your home and leave it with dignity - we don't hang "SHORT SALE" riders on our signs - to advertise to your neighbors - unless you request that sort of advertising
- We refer a credit reparation professional to help you restore your credit so that you can be in a new home sooner than you may think possible.
