A short sale is the sale of a property when the amount owed is greater than the amount of the current property value. Lenders will typically accept the conditions of a short sale rather than taking the property through the costly foreclosure process; clearly a viable option to foreclosure.
Benefits of a Short Sale
- A Future Loan, on a future home purchase is a real option; FHA, Fannie Mae & Freddie Mac have made big changes to support consumers that have a short sale on their credit and it can be as short as two years.
- Credit Scores with a short sale may drop by as little as 60-70 points; a foreclosure can reduce your credit score by 200-300 points, and can remain on your credit report for five to seven years.
- Cash Incentives – Yes, lenders are now providing cash incentives to home owners that can range from $2500 – $30,000 at closing.
- Lien Holders agree to accept terms in order for the short sale to go through; a foreclosure may not satisfy the 2nd lien holder and will continue to carry a balance that you will still owe.
Lenders Preferred Choice
The simple fact is that lenders prefer short sales rather than to foreclose because it is less expensive, bottom-line.
Short Sale Qualified
- You owe more than the home is worth (current value).
- Personal hardship that is preventing you from making mortgage payment. (see examples)
- You simply need to sell your home.
- We will provide FREE attorney & CPA consultations to get started.
- Handle entire transaction, start to finish, no cost to you.
- Complete online tracking (24/7) of your case file.
- Customer Service, 2nd to none.
- Dedicated to close your file with a 90% success rate with one of the best short sale specialists in Washington.