What is a Short Sale?
At this moment in time, foreclosures are at an all time high: A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy.
Instead of buying from a seller, the buyer is now actually purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $450,000. The listing agent receives an offer and presents it to the lender for $320,000, which is accepted as full payment for the loan. This option is much better for the Property owner as well as the lender than letting the house go into foreclosure.
This is the option of choice for anyone that might be in the position of lost equity as a result of the current mortgage meltdown.
People often don't realize it. But finding the right real estate agent with the knowledge and experience of short sales and foreclosures, can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, and very stressful experience.
First, you'll want an agent ready and able to make a fulltime commitment to you. The professional team of loss mitigators at Short Sale Center can and will do that.
Second, you'll want an agent with the experience needed to know the local neighborhoods, schools, market conditions, ordinances, but more importantly with the know how and experience of loss mitigation negotiations including but not limited to bankruptcy, foreclosure laws etc. LeonardScott Short Sales, field of expertise cover all of the aspects of this very specialized niche market, together with our knowledge of the local market conditions - We can proudly say that we have the expertise and track record of success you'll need.
Third, you'll want an agent who embraces the convenience of technology without losing the personal touch. You'll love the resources available on our website and the e-mail alerts that we send, but these will never replace the time our specialist agents will spend with you, serving as your personal guide throughout this stressful but exciting process.
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There are ten basic alternatives to foreclosure. Contact us now to discuss these options:
1. You can Do Nothing – If you do nothing, you most likely will lose your home at foreclosure auction.
2. Payoff/Refinance – You can completely pay off the entire loan amount plus any default amount and fees.
3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan.
5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation.
6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs and fees.
7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing.
8. Bankruptcy – This option can liquidate debt and/or allow more time. We can refer you to a qualified bankruptcy attorney.
--Chapter 7 (Liquidation) --Chapter 13 (Wage Earner Plan) --Chapter 11 (Business Reorganization.)
9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid).
10. Short Sale - also known as a pre-foreclosure sale.
These ten alternatives are discussed in detail here.
Contact us by phone, fax or e-mail and
we'll set-up a time that is easy and convenient for you to meet.
P.S. If you're not ready to meet in person, please tour through our website. We are convinced you'll find the resources here useful and helpful. Enjoy!