Having Mortgage Issues? Why Short Sales Work
What are short sales?
A short sale in real estate occurs when a lender agrees to accept a discounted payoff on a loan. In most cases, the home owner owes more on the property than the the home is currently worth. This occurs only when a home seller qualifies for a short sale through proving a hardship.
Why is it to my advantage to do a short sale?
A foreclosure can impact your credit far more than a short sale, especially in the long term. In fact, some banks don't report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, whereas a foreclosure or bankruptcy can take 7-10 years. A short sale by itself will likely lower your credit score by about 50-120 points. The hardest hit to your credit score typically comes from missed mortgage payments rather than the actual short sale itself.
How can a Short Sale Specialist help me?
We are specialists in working Short Sales in our local areas. We help home owners by working with your lender to negotiate a lower payoff amount in order to price your home below competition and get it sold. Our agents will also aggressively market your home to attract buyers and oversee the entire sales process of your home. These services are at no cost to home owners. Only the best and most experienced agents are able to stay in our network. The average agent within our network has closed over 50 short sale transactions.
Get Money Back for Your Short Sale!
Short sale your home with Drive Real Estate, in most cases there is no cost to you the seller. Clients typically receive cash back at the close of escrow for relocation assistance from their lender!