Short Sale
Short Sale
In today’s economy, there are very few homeowners who have not lost a good amount of equity in their homes. In many instances, the homeowner is “upside down”. In other words, he now finds himself in a position of owing more for the house than it is currently worth.
There are many reasons why a homeowner may need to short sell his home.
In a short sale, the negative equity in the property is forgiven by the lender in order for a sale to occur at market price.
A new buyer purchases the property at the negotiated price.
Overview of a Short Sale
For many, short sales are very difficult to do. Lenders are overburdened and the process can be very time consuming. For many companies who take on short sales, it is not always possible to get the lender to agree on the price the new buyer is prepared to pay, or to agree to the current market value price of the home.
Often, the lender is facing a massive loss that they sometimes believe they can beat by letting the house simply be foreclosed upon and then resold through the REO Dept.
Because we will not begin a short sale negotiation until we have completed a full investigation of the mortgage documents, we have many successes in this area. We literally work with all banks, we have become what we believe to be one of the most prominent companies in the Short Sale arena.
Our short sale program is one of the most effective programs in existence. The number of successful negotiations we have completed continues to grow daily.
The “Mechanics” of a Short Sale
If a homeowner’s hardship is very extensive, sometimes the only way out is to sell the home and be rid of the burden altogether. Sometimes a homeowner must sell his home even if it means a loss to him.
Some Common Reasons that Homeowners Choose to Short Sell
- He may be in foreclosure, or pre-foreclosure
- Loss of Job
- medical situation which has caused him income to dramatically declline
- Relocation
- changing market conditions have prevented a sale of the property
- They failed to qualify for a Loan Mod
- They were denied a Loan Mod
- The terms of the Loan Mod were not sufficient enough to warrant financial stability
Once a Homeowner has found that he is basically in a situation that requires a short sale, AllStarDebtBuster.Com works hand-in-hand with the home owner to accomplish two key goals:
- Successful negotiatons with his lender to forgive the negative equity
- Successful advertising with our sister company to locate and sell the home
The Short Sale Unburdens and Protects
- Homeowners walk away– unburdened and with dignity.
- There is no lingering debt — all has been negotiated away.
- Credit Scores do not show a foreclosure.
- Whenever possible, homeowners stay with the property to prevent vandalism during the process — even if they can’t pay the mortgage.
- Homeowners will qualify to purchase a new home usually in one year’s time – this will vary from homeowner to homeowner.
- No foreclosure to explain away in your future.
- A Short Sale is viewed as a more responsible solution by other creditors.
A Short Sale can be a great alternative to Foreclosure
