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Your Short Sale Solutions - You're Not Alone!

Short Sale Explanation

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

In today's rapidly changing Real Estate market, you need an Agent you can trust. If you're buying or selling a home, or even if you are just keeping an eye on our local market, you can count on me for up-to-the-minute, accurate information on prices, availability and the best value for your money. My world-class local MLS search will help you quickly find what you're looking for, from single-family new construction to land and investment opportunities. Get instant updates on properties of interest to you through my informative, custom email notifications. If you're new to the area, be sure to check out our local community links for helpful resources and services. And get detailed reports on schools and neighborhoods before you buy, just consider me your inside source for all your relocation questions.Sellers, don't let the headlines bring you down. Contact me for a current market analysis of your home or property, it's free!

WE ARE LOOKING TO EXPAND OUR BPO AND REO BUSINESS! We give priority to professionalism and communication. We offer solid asset marketing and protective services.  Attention is given to careful pricing and BPO accuracy aimed at delivering closings within 60 days. Our services include: Relocation Assistance, Eviction and Lockout Coordination, Property/ Occupancy Checks and Inspections; Pre-Marketing, Securing, Re-Keying Services, Initial Services, Property Preservation Services, and Property Condition Reports. Asset Valuation and Marketing Analysis, Broker Price Opinions and Appraisal Coordination, Marketing Strategies, Value Added Repair Analysis, and Marketing Strategy Reports.  

Once the property is listed we implement Monthly Marketing Reports. Upon securing a contract our Offer Management includes offer presentation and approval, and Contract Generation and Review. Closing and Title Services: Title Procurement, Title Resolution, Escrow Coordination, Hud-1 Review/Approval. Reporting: Daily, Weekly, and Monthly Management Reports. Timeline and Performance Reporting, Customized Reporting. Accounting: Review, Process, and Reimburse Venders and Contractors. Tracking and Documentation of Expenses, Expense Management ,and Quality Control.