Georgia Short Sale Brokers

GEORGIA SHORT SALE BROKERS

What is a Short Sale?

A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. See 'Exclusions' under Debt Cancellation Section of IRS Publication 908. We suggest you review The Mortgage Forgiveness Debt Relief Act and Debt Cancellation to see why a short sale is an INTELLIGENT option.

Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees, are taken into account. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) get paid less than the full loan amount owed. In a short sale, the homeowners get complete relief from all of their mortgage debt. The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship.

What are the Benefits of a Short Sale?

When a Short Sale is achieved, there will not be a foreclosure. A Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

Protect your credit. Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy. A foreclosure will cause your credit score to drop 200-400 points! Whereas, if the Borrower is still current with other payments, a short sale may lower the Borrower's credit score by as little as 50 points!

Our Short Sale Service is FREE to you; the lender covers Realtor commissions, taxes, HOA fees, and liens (if the Lender(s) know about these costs during their approval process).

Controlling future costs. If your property is sold at an auction, you may owe deficiencies and other expenses to the lender. Under most short sales, the homeowner will be relieved of this possible future headache.

You are ridding yourself of a non-performing asset that would take years to bounce back to it's original value...if ever. For many, a short sale is a sound business decision!

SHORT SALE	FORECLOSURE
* How short sale is reported will affect credit score * After short sale, lender can report as: 1. Paid in full- paid as agreed 2. Paid- settled 3. Paid –unrated *If the owner is current with other payments, a short sale may only lower score by 50 points!	* Can lower credit score by 200-400 points or more * Foreclosure remains a public record for 7 years

What is a Hardship?

Reduction in Income or Loss of Employment.
Inability to work due to health reasons.
Separation or Divorce.
Medical Bills
Natural Disaster
Business Failure
Death of a Spouse
Adjustment in mortgage payment or unforeseen increase in your monthly expenses
Any circumstance that cripples your ability to repay your mortgage.
Does It Matter Who Does a Short Sale?
YES..it does! Most Realtors take on a short sale listing as happenstance and work the file as they get to it. Short sales require constant monitoring as requirements can change on a daily basis. We have systems in place whereas our files are worked daily, and our clients are kept abreast of our progress via email. We also have a database of bank Negotiators and Managers to help expedite our short sales which substantially reduces the short sale time-frame. This is a database that has been developed since 2005 when we first entered the short sale market.

What Happens If I Don’t Do a Short Sale or my Short Sale is Unsuccessful?The result is the same: A Foreclosure. Our goal is for you to avoid foreclosure, which will affect your credit more than a short sale. Generally a foreclosure is one of the most damaging events to a credit history. Most likely you will miss mortgage payments through the course of a short sale and this will show on your credit history. But at the end of the day, when your short sale is completed, your credit report will reflect less damage than a foreclosure, and repair to your score will take less time.

What Must a Seller Do To Prepare For A Short Sale?

Contact your Mortgage company to request a short sale packet
Confirm the type of loan you have and whether or not you have mortgage insurance (very important)! Mortgage Insurance negotiations may add an additional 4-6 weeks to the short sale process.
Gather the documents your bank is requesting in the packet, usually two months of bank statements, your most recent tax return, pay stubs for the past two pay periods (if you're employed), and a hardship letter. A lot of weight is placed on the hardship letter so make sure you are honest but also open about the entirety of your hardship. Reputable advisors can provide a sample.
Provide estimates of repairs (and accompanying photos) if your home is in disrepair, which may decrease the value of your home, making it more difficult to sell.
Learn patience! The process could take 3-6 months or more! Some short sale professionals cite they can short sell your home in 30-60 days...If so, make sure they put it in writing! The banks control the process!! You never know what's going to delay the process. It could be that the Negotiator assigned to your file has 300 other files ahead of you, and this is typical.
Resolve to SAVE YOUR MONEY! How? If you're working, you won't be paying for a monthly mortgage anymore, so save your money towards a lease purchase or a nice rental home you can afford. When we close we will assist you in leasing a lovely home you may be able to obtain as a lease purchase.
Prepare your home to sell. Yes...you still have to attract a Buyer. You must keep the home in show condition at all times. There are a lot of short sales and REO properties on the market. This is your competition!
Understand your credit will be blemished for several months; however, there are legitmate credit repair companies that can help you restore your credit so you may get back in a house within 12 months of a short sale transaction! Better to suffer a temporary credit loss than to be upside down in your home for the next 20 years!
Notify us of any liens you have on the property in advance! We can negotiate them with the offer we receive along with any real estate taxes that are pending or past due. The bank normally pays these Seller expenses.
Provide additional requested documents within a timely period. Time is always of the essense when working through a short sale.

What kind of Real Estate Professional should you hire?

"SOMEONE WHO CARES! OTHERWISE, IT'S JUST ANOTHER FILE AND WHEN PUSH COMES TO SHOVE, THEY WON'T GO THE EXTRA MILE. SHORT SALES ARE A CHALLENGE AND IT TAKES SOMEONE WITH A HEART FOR YOUR SITUATION TO DO A GREAT JOB FOR YOU. IT'S LIKE A MINISTRY! AS A SELLER, YOU SHOULD KNOW REALTORS WHO SHORT SALE HOMES WORK VERY HARD FOR MONTHS FOR FREE TO GET THE HOME SOLD, NEGOTIATED AND CLOSED. SO YOU SAY...WHY DO YOU DO THIS...WE'RE GOOD AT IT AND IT BRINGS GREAT SATISFACTION!"

When should we begin working on the Short Sale together?

Ideally we would like to begin working on your Short Sale as soon as you recognize that you are in a hardship or unable to keep up with your payments and will be falling 30+ days behind. The important thing for you to know and keep in mind is that the sooner we begin working with you on the short sale process, the more you increase your chance of a successful closing. Don’t wait any longer, act today to get the process started! PROCRASTINATION IS THE ENEMY OF A SUCCESSFUL SHORT SALE.

FOR MORE INFORMATION ABOUT SHORT SALES AND LOAN MODIFICATIONS, GO TO WWW.HUD.GOV/FORECLOSURE.