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A short sale, also known as a short pay or short payoff, allows a homeowner to sell their property for less then the amount owed on the Mortgage. It is an agreement with the Homeowner’s lender to accept less than what is owed against the property on the mortgage
Benefits of Short Sales
• The Homeowner is potentially saved from foreclosure, and can start rebuilding towards a credit recovery
• The homeowner is more in control of the financial and transaction in a short sale
• The homeowner is relieved of the stress inducing situation of a foreclosure
Qualifying for a Short Sale:
It is important before you short sell your home that you are educated and that you need to cooperate with your Agent in order for the lender to approve the short sale. You need to understand that you will be required to provide current financial information necessary to complete the lender’s loss mitigation package. This information will be gathered to alleviate any surprises. Some lenders will want the information submitted before you receive an offer; however, others will require the package be submitted with an offer. You will need to determine the hardship that will qualify for a short sale and if the hardship or assets will be a factor in negotiating the short sale. You will need to know if the loan is a non-recourse, which means the lender cannot legally pursue the owner for any deficiency amount. Your assets are not a factor if the loan is non-recourse. If the loan is recourse, which means the owner is personally liable for the loan shortage, you will need to be aware that the Lender may require you to execute a separate promissory note for a portion of the shortage.
Please complete and submit the following Online Home Evaluation form. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.