We have one of the highest success rates with short sales. The industry
standard is that only 1 in 3 short sales actually closes. Our company
closes 90 % of our short sales!
What is a Short Sale?
With
today's falling real estate market, many homeowners are finding
themselves over-burdened with unmanageable mortgages but unable to sell
their homes. They presently owe more on the mortgage than their homes
are worth, they can't manage the mortgage payments, and they can't sell
their homes.
A short sale is where the bank agrees to discount
the mortgage on the property in order for the home to be sold for less
than what is owed on it. This is a win for the seller because it allows
them to get rid of a large debt they cannot pay and restore their
credit, it is a win for the bank because they don't have to foreclose on
a property and they get rid of a non-performing loan, and it is a BIG
WIN for the buyer who gets to buy a property at below market rates!
Two Different Buying Scenarios:
1.
Our company negotiates the short sale with the lender and you buy the
property from us. In order for this scenario to work, you must either
have a cash offer or hard money loan, or you must have a regular
mortgage with no seasoning issues (meaning your lender does not require
us to own the property for a minimum of 3 - 6 months in order for you to
get the loan). In order to ensure that your mortgage goes through and
you don't have any closing issues, we would recommend you use one of our
experienced mortgage brokers who know how to make these things work.
These properties usually need some amount of renovations which is why we
are able to buy them at such a discount. All this translates into big
savings for you as the buyer.
2. Our company negotiates your
offer between the seller and the bank. You would buy it straight from
the homeowner, but needing the bank's approval. These properties usually
don't require as much rehab, but are still sold at substantial savings
for you as the buyer.
The Process:
Short sales
generally take from 3 - 6 months from beginning to end. The banks are
unbelievably over-worked, and their systems are very slow and
inadequate. By the time we involve you as a buyer, it is usually just 1 -
2 months to complete. We pride ourselves in very persistent and
effective communications with the banks and in relaying that information
to both buyers and sellers. Although there is a wait involved, the
prices make it worthwhile!
We believe our success is related to
our experience negotiating short sales, our inside knowledge of the
various banks and their systems, our persistent and effective
communication with everyone involved, and our vast network within the
industry. We have many testimonials of sellers, buyers, and other
professionals within the business who will vouch for our competence and
integrity.
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Click here if you are looking to purchase a home