SHORT SALE

What is a Short sale?

A short sale is when a homeowner sells their property for less than what is owed on the mortgage, with the lender’s approval. This process is designed to help homeowners avoid foreclosure and move on with less damage to their credit. It’s not bankruptcy or foreclosure, but rather a managed process that can offer a fresh start for families in financial distress. When handled correctly, short sales benefit everyone involved: homeowners escape foreclosure, buyers can acquire homes at fair prices, lenders reduce their losses, and communities avoid the negative impact of vacant homes.

Is a Short Sale right for me?

Short sales can be useful for homeowners facing one or more of the following situations:

• The impact of a Natural Disaster

• A long-term hardship (medical, work, divorce, death, relocation, etc)

• Making timely mortgage payments is beyond your control

• The current value of your home is less than the loan amount

• The home cannot be sold at a price that covers the mortgage balance

• You are ineligible to refinance or modify your mortgage

• Modifying or refinancing your mortgage is no longer an option

• Other documented reasons that impact the borrower’s ability to pay

How can a Short Sale help me?

A Short Sale by benefit you by:

• Eliminating or reducing your mortgage debt

• Avoidance of foreclosure and its potential negative impacts

• Some lenders offer relocation assistance to help you transition

• Your credit score improves sooner from a Short sale than a foreclosure

• You may re-qualify to purchase a home again sooner

Is the Short Sale process different than a regular sale?

Yes and no. Here is an overview of the short Sale process:

First, determine if a Short Sale is your best option. If YES, then

• Work with a QUALIFIED Short Sale agent to determine current market value.

• Marketing a Short Sale home is the same as a traditional sale. But in the meantime…

• Gather your financial information to negotiate with your lender and other lien holders

• Keep your financial information current when/if requested by lenders

Once an acceptable offer is ratified:

• We go to work getting all lien holders to accept suitable terms

• If eligible, relocation assistance terms are finalized and included into escrow

• Be prepared to update financial records as needed for lender approval

• Sign closing documents and close escrow

• A short sale may take 30 to 90 days to resolve after an offer is accepted

Our Company

The Advantage Real Estate Group is a Certified Short Sale Expert (CSSE) real estate brokerage focused on helping homeowners navigate a difficult situation with skill and compassion. ARG is experienced with traditional, distressed, bank-owned (REO), investment, and value-add property sales. For over 24 years we have worked with all homeowners to find the best solution that preserves their options and protects their future.

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YOUR NEXT STEP

Advantage Real Estate group is highly experienced with Short Sales and offers a no-cost informational brochure to help you decide your best option. Contact us today for a copy