What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.
I am a Charlotte North Carolina area Realtor, who specializes in negotiating with mortgage companies on behalf of homeowners who owe their lender more than the current value of their home and are experiencing a financial hardship, requiring immediate sale of their home. This process is commonly referred to as a "short sale".
Here are some FAQs and basic information about Short Sales:
• Do I qualify for a short sale? If you owe more than the current value of your house and are in some type of financial hardship requiring you to sell your home quickly, you may qualify for a short sale. Some common financial hardships include: loss of job or diminishing income, relocation, death in family, major repairs needed to the house that you can't afford, illness or divorce.
• How can you help me? I am a licensed Realtor who will represent you fully, and look out for your best interests in the sale of your property. In addition to marketing your property to sell as quickly as possible, I will work with you and negotiate on your behalf to obtain complete forgiveness of your debt from your lender, regardless of the price your property sells for.
• How much will it cost? My services are absolutely FREE to you, your lender will pay the real estate commission at closing.
• Why will my lender accept less than I owe them? Lenders prefer to negotiate a short sale instead of letting a property go into foreclosure, because foreclosures are very costly to the lender... therefore we have a good chance of success!
• Do I have to be in default (behind on my payments) to do a Short Sale? You do NOT always have to be in default to qualify for a short sale
• How will a Short Sale affect my credit? A short sale typically doesn't have as much of a negative effect on your credit rating as a foreclosure. I was told by an experienced loan officer that you must wait 4 years after a foreclosure to purchase another home using traditional financing, but only one year with no late payments after a short sale... you will have to meet other lending guidelines as well, so consult a loan officer for evaluation of your specific situation. For more specific information regarding the effect of a short sale on your credit rating, consult all 3 major credit bureaus directly, consult an attorney, or consult your CPA/financial advisor.
• An Investor contacted me directly to BUY my house, wouldn't I be better off working with them? If you are in financial hardship or faced with losing your home, BEWARE of investors who contact you directly to buy your home and negotiate with your lender on your behalf. It is my opinion that you should list your home with an experienced Short Sale Realtor who will negotiate with your lender on your behalf. Most investors who contact distressed homeowners directly (usually getting your name out of the paper) are NOT Realtors and won't owe you any legal/fiduciary responsibility. So, why would you want a person like this to have your personal information (such as Social Security Number & Mortgage information), negotiate with your lender to get the best possible deal for THEMSELVES, have legal Power of Attorney for you in the transaction, have the legal right to rent out your home and keep that money for themselves during the short sale process, etc? These investors draw up contracts containing many provisions that benefit them and protect their rights, while limiting your rights in the transaction. It may sound unbelievable, but this is happening every day!
I'm a Short Sale Specialist in the Charlotte North Carolina area who offers professional real estate guidance and short sale services to homeowners. I personally negotiate with your lender on your behalf, NOT an assistant or a short sale negotiator/sub-contractor hired by some short sale listing agents, so I will always know the status of your short sale and keep you posted on the progress. Experience counts when it comes to short sales, and not all Realtors have this experience, so...
Contact me today at 704-363-8902 or firstname.lastname@example.org for a FREE, confidential, no obligation consultation to discuss your options and a possible short sale.