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Certified Short Sale Specialist
FREE SHORT SALE HELP - ARE YOU "UPSIDE DOWN" ON YOUR PROPERTY?
- DO YOU OWE MORE ON YOUR HOME THAN IT IS ACTUALLY
WORTH?
- IS YOUR ADJUSTABLE RATE MORTGAGE (ARM)
ADJUSTING TO A HIGHER INTEREST RATE YOU
CAN NO LONGER AFFORD?
- WERE YOU DENIED FOR A RE-FINANCE OR LOAN
MODIFICATION?
- ARE YOU TRYING TO SELL YOUR HOME "FOR SALE BY
OWNER" (FSBO) BECAUSE YOU DO NOT HAVE ENOUGH
EQUITY TO PAY A REALTOR COMMISSIONS?
YOU DON'T PAY US A DIME TO SELL YOUR HOME .....THE BANK PAYS US AT CLOSING!
Rather than foreclose on your home, lenders would rather help you find ways to become current on your home mortgage or approve a "SHORT SALE". A Short Sale is when a lender accepts less than what is owed on the mortgage to AVOID FORECLOSURE (the difference owed is usually forgiven). For more information regarding the "Mortgage Forgiveness Debt Relief Act" please visit www.irs.gov. For legal and tax advice, please contact an attorney and the appropriate tax advisor/accountant, etc.
A SHORT SALE can SAVE YOUR CREDIT, whereas a FORECLOSURE will destroy your credit for years. In addition, the bank pays all commission and approved closing costs. Hire a CERTIFIED SHORT SALE SPECIALIST who will list your property for sale and work with your bank so YOU CAN BE FREE OF THIS DEBT. If you are ready to resolve your financial burden and sell your equity-deficient home, CALL SHERI PERRY TODAY.
A: A short sale is when your mortgage lender allows you to sell your property for an amount less than what you currently owe. For example: If the unpaid balance of a loan is, say, $300,000 and a property's "fair market value" is now $175,000, under a short sale the lender might accept $175,000 as payment in full and may release you from paying the balance. You will not receive funds from the sale, because there is no equity, however you may qualify to receive a relocation allowance (sometimes up to $38,000 back from your lender, but usually $3,000-$20,000 only if you qualify). Plus YOU DON'T PAY THE REALTOR COMMISSIONS, your lender does! A short sale is most often handled by a professional like a Realtor, even before a foreclosure process in initiated by the lender. It may often be called a pre-foreclosure sale. "Short" simply means, the payoff amount agreed to in the transaction is just that...shorter than the mortgage balances owed on the property. The lender agrees to accept an amount "short" of what is owed to satisfy the total amount actually owed.
Q: HOW MUCH DO I HAVE TO PAY FOR THE REALTORS COMMISSION TO SHORT SALE/SELL/ADVERTISE MY HOME?
A: ZERO! Your bank is willing to pay the Realtor's sales commissions to prevent a foreclosure. There is no equity to pay the sales commissions. We will have this clearly documented in the listing agreement. There are no hidden terms.
Q: WHY SHOULD YOU USE A REALTOR® TO REPRESENT YOU?
A: Most lenders prefer working with licensed Realtors®, specifically Certified Short Sale Specialists and Certified Distressed Property Experts who will make sure all the state and local real estate laws are complied with specific to short sales, including proper disclosures, unlike that of a regular sales transaction. Lenders don't want any future liability dealing with non-licensed Investors or consumers directly. You don't want to be sued or liable for someone else's mistake. Beware of unlicensed individuals and investors soliciting you asking you to pay them instead of paying your mortgage. Also beware of those attempting to have you sign the deed over to them or telling you not to use a Realtor or not to call your lender. These are all typically scams.
Q: WHY SHOULD YOU HIRE A REALTOR CERTIFIED AS A SHORT SALE SPECIALIST?
A: It is not mandatory to hire a specialist however, "time is of the essence" in a pre-foreclosure/short sale situation to prevent your property from foreclosing. You want a Certified Short Sale Specialist with a proven history, highly experienced in closing short sales and knowledge of working with various lenders. Short Sales are very time consuming, technical and involve much paperwork and skill. You want to interview the agents you are considering hiring and don't be afraid to ask for references and ask how many Short Sales they have sold, not what their "team" has done. Ask for details and how the process works. Can they explain Equator, HUD pre-foreclosure, HELOC's, HAMP, HAFA, new incentive programs, etc. on the spot or do they have to look them up 1st and e-mail you? What is their knowledge level? Are they really actively involed in short sales? Do they advertise? Can they afford to advertise? Do they spend money on any publications, classified ads, magazines, websites? Are they a full time or part-time agent and are they able to handle all the work and phone calls the short sale involves? If you do not feel the agent is confident and/or competent, hire a Certified Short Sale Specialist you feel will get the job done. This is your financial well-being, peace of mind and credit at stake. Why would you hire just anyone and risk a foreclosure and possible deficiency judgment and wage garnishment? If you were having a heart problem, you would see a cardiologist, not your family practice doctor. As you can see, they are both 'doctors", however only one "specializes" in your needs. Hire a licensed Realtor who not only claims they specialize in SHORT SALES, but has the experience and documented proof of preventing hundreds of homeowners from having to pay back the difference to the banks. Don't let someone "learn" how to do a short sale at your expense.
Q: DO YOU NEED TO MOVE OUT OF YOUR HOME DURING THE COURSE OF THE SHORT SALE PROCESS?
A: NO! Stay in your property until it sells. Your lender would rather you remain in the property and maintain the lawn, utilities, etc, if financially possible to allow for an easier sale. Abandoning the property may result in someone vandalizing the property, theft, inability to sell, etc. It is best not to move out and spend your money on rent. Also many programs such as HUD pre-foreclosure and HAFA and Bank of America's FL Incentives Programs require you to occupy the residence and will require a current utility bill. Not only that, pictures from the appraisal sent to the bank will also show if you have vacated the property prior to the short sale approval and possibly cause your short sale to be denied. There are some circumstances when the bank will still approve the short sale if you have a valid reason on their list of "approved reasons" for moving out prior to a short sale approval.
Q: WILL MY NEIGHBORS KNOW I AM HAVING FINANCIAL PROBLEMS?
A: NO. We will not place a sign in your yard stating you cannot afford your mortgage. Your home will basically be sold the same way a traditional sale will be. The only difference is the contingency in the sales contract between you and the buyer that your lender has to approve the sale. Did you know, approximately 90% of all homes for sale are actually short sales or have already foreclosed. But the consequenses are great in a foreclosure and one risks wage garnishment and potentially losing their job. Your neighbors have no way of knowing if you are having a financial hardship or if you have worked out a settlement with the bank and are simply getting rid of a bad investment. Your neighbor will never know any details. Q: HOW LONG WILL THE ENTIRE SHORT SALE PROCESS TAKE?
A: Once your property is listed on the market, it initially depends on when we receive a realistic purchase contract from a bona fide buyer who is pre-approved with a lender if financing or has proof of funds if the buyer is cash. Some sellers will ask that we price the property at a “break-even” price for them initially, but please know that a list price much higher than fair market value that attracts no offers will hurt you severely. If the foreclosure clock is already running, you may run out of time. Therefore, your bank wants the property priced at a realistic "fair market price". Prices are continually declining every month. If you had the home appraised 6 months ago, your home is now probably worth less unfortunately. Your bank is aware we will not receive an offer based on "what you owe on your mortgage" but they are generally willing to accept a small percentage less than "fair market value". This is why they want the property priced based on what your property is currently worth, not higher. You do not have any equity, therefore you are not making any monies off the sale of the home. You may qualify to receive a relocation allowance from your bank anywhere from $1000 - $38,000 (typical relocation allowances are 1k on HUD preforeclosure sales and 3k on HAFA). Call for details and to see if you qualify (863) 838-5756. To make the short sale work, we will need a list of documents required by your lender that we will provide to you at the listing appointment. Once we receive the purchase contract from the buyer and you and the buyer sign, agreeing to all terms, all the necessary paperwork is submitted to your lender(s). Your bank will take some time to review the offer and the documents, as well as order an appraisal or a (BPO) Broker's Price Opinion to determine the fair market value of your property. They will then either counter offer or reject or approve the short sale. We may receive the short sale approval letter from your bank anywhere from 1 week to 6 months afterwards. (But usually it only takes 35 - 90 days after the offer is received & submitted to the bank with the completed short sale package. Then we will be closing on the short sale approximately 30 days after we receive the approval letter). This is why lenders recommend you remain in the home...and you can save some money. Sheri Perry has successfully received approvals from the banks in as little as 8 days after submitting the package to the bank. Some of her clients have been able to re-buy fairly quickly after a short sale vs. how the foreclosure ruins their credit for many many years after. Sheri Perry has also successfully negotiated hundreds of "waivers of deficiency" on short sales when the banks were initially "attempting" to make the homeowner responsible to pay back the remaining balance.
If you have any further questions or would like to schedule a FREE private consultation, feel free to call or e-mail. (863) 838-5756 or sheriperryhomes@usa.com
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