Short Sales occur when a seller must sell their home for less than they owe on the loan(s). There are forms and appraisals and much of the process is like any sale but then you have to submit it all to the bank for approval. This is the part that usually takes the longest. On the one hand you cannot really blame the bank for taking their time in checking everything out. On the other hand many times you feel as though the file is just stuck at the bottom of the pile and no one is doing anything with it at all. A successful simple short sale typically takes you 3-4 months to complete.
Our Recent Sale of 12 Normandy way. See other properties for sale in Victoria Falls.
Short Sale help is offered by many people. You may have even received advertisements in the mail. But here is the Key thing to watch out for. If you have more than one lien on your home about 55-65% of those advertisers won’t touch you. The odds are not in their favor. They have a system to process single lien short sales as quickly as they can and get paid. That is perfectly acceptable they have a business model and they follow it. However, that does not help you if you fall outside of their parameters.
Here is where it pays you to find an agent who will both honestly assess your situation and then get to work trying to make it happen. It is not easy but it can be done. Some Short Sale Services can cost money – working with us is free of charge to the seller.
In the past three years we have completed dozens of short sales but we have also helped several homeowners with super complicated short sales. One was a property located on Lease land. During the time that the mortgage was falling behind the Homeowners Association bought out the land lease. There was also a second loan on the property. We successfully closed the deal after 2 years of work. The homeowner did not have a foreclosure posted on their credit. Our most current super difficult transaction was in Rancho Mirage CA at Victoria Falls. We hung in there with the homeowner and after almost 18 months we got it closed. Again no foreclosure on the sellers credit.
This particular sale had 2 loans, HOA liens and city fines plus title problems! We got to work and straightened it all out. So even if someone tells you your short sale cannot be done – lets us give you a free second opinion.