“Answers for the Short Sale Home Seller”

What is a Short Sale? - If the current market value of your home is less than your current loan balance, broker commissions, IRS liens, title, escrow and other cost, you have a Short Sale. The seller’s lender will have to approve the Short Sale.

How do I determine if a Short Sale is best for me? - If you find that you are having problems making payments, if you tried a loan modification and it was denied or did not work out or if you have received a “Notice of Default” a short sale might be the best option for you. Stay in control. Don’t loss your home.

Why do a Short Sale? Some homeowners have walked away and let their home go into Foreclosure. But other homeowners have decided to sell their home with dignity. They used the Short Sale option as a tool to help them get a fresh start.

Foreclosure vs. Short Sale - The Short Sale and the Foreclosure will both affect your credit adversely. But the Short Sale will allow you to recover quicker financially. If you complete the Short Sale and monitor your credit score you should be able to buy a home again in about two or three years. Whereas the Foreclosure will remain on your credit report for at least 10 years.

Short Sale Requirements! - Do you have a financial hardship, mortgage payment adjustments, loss of employment, too much debt, divorce or medical bills? The short sale lender wants to see that you do not have the ability to pay your bills.

What is the price of a Short Sale? – There are no upfront fees or out of pocket expense. My fee is paid out of escrow. Your short sale lender decides the commission, the terms and the price. The seller will receive no funds from the closing of this sale. This is stated in writing.

If I agree to do a Short Sale will I have to continue communicating with my lender? – Once the property is listed, there will be no need to speak with your lender. The listing agreement is an employment contract. It allows you to hire the Realtor of your choice. In today market the lender is attempting to pick your Realtor. Remember you still have the right to decide who represents you. As your Realtor, you can expect me to communicate with and negotiated with your lender on your behalf. I will become your mouth piece.

How long can I stay in my home? – You will stay in your home until it closes escrow.

If I do a Short Sale how will I be affected? - If the Short Sale lender approves the Short Sale and accepts less than what is owed, you might have tax consequences. As a Real Estate Broker, I am not licensed to give legal or tax advice. You will have to consult your own attorney or tax consultant.

Are you ready to get started?. - Let us help you sell your home in today’s market. We value helping good people out of bad situations. Let us help you determine if a Short Sale is right for you. Don’t’ delay, call today and schedule an appointment. (916)224-0482 or email Diane@SouthSacramento.com.

For references please call or email me - I have satisfied lenders and clients. I take pride in making a difference.