If you owe more on your home than your home is worth, there has never been a better time to sell! I can work with William Elias "the short sale expert" to sell your home and negotiate with your bank/lender to accept the offer we receive on the home without affecting your credit and requiring you to pay the difference. The process is called a "Short-Sale" and Will Elias is an expert at it. No one, and I mean no one, has his proven track record. In the past short-sales were only approved if you were late on your mortgage and to avoid foreclosure. It's not the short-sale that hurts the credit in this situation, it is the events leading up to it (such as being late and possible foreclosure). Because of the current economic crisis, banks will approve short-sales without forcing you to be late. If you are not late they can only report it as settled. That has a negative impact, unless we negotiate that they report it as paid. Even if reported as settled, it does not prevent you from buying a home. You can buy a home immediately after the sale.
Even if you are late or facing foreclosure, a Short-Sale is still the answer. Walking away ensures a foreclosure on your credit that will affect your ability to obtain credit and prevent you from buying a home for a minimum of 3 years. A Short-Sale to avoid foreclosure will affect your ability to buy a home for 12-24 months depending on if you were just late or if you went into foreclosure and the sale was reported as a "Pre-Foreclosure Sale".
Does this cost me anything?
$995... This is all you are going to pay Will Elias to do all the work, the bank will pay me a reduced commission, but all you will pay is $995 and thats it. The bank will pay your property taxes that are owed, they will pay everything. Won't that be great? Some clients tell me, "Other Realtors told me they wouldn't charge me an upfront fee." Will Elias is an expert at Short Sales, if you try to do a short sale with another Realtor and they don't do everything EXACTLY RIGHT, the sale will not be approved and then, if you're late on your payments, you won't be able to call me in 3 months because you will be out of time and your house will be in foreclosure, isn't it worth $995 to have a piece of mind that this is going to be handled by a true professional? Under normal circumstances you would be willing to pay a 6% commission, all Will Elias charges you is $995. Lets do the right thing and get together and get this taken care of for you.
Will the bank come after me for the rest of the money?
The bank is likely to issue a 1099 for the amount that was "cancelled". In prior years, any remaining balance was considered income for which you would owe taxes. Because of the number of mortgage crises this year, the tax code was temporarily amended to waive the tax. The key is to allow the mortgage company to write-off the debt and issue a 1099 in exchange for not reporting the mortgage as settled. Then you can use the tax exemption on a principle residence to avoid paying the tax!
How long does the short sale process take?
Usually 30-90 days but right now lenders are swamped with these requests and loan modification requests so the process varies with each lender.
Who qualifies for a short sale?
Anyone who owes more on their home than it is worth and has a hardship. What I mean by hardship, you can't just say I want a short-sale cause I can buy the home next door for half the price. I will help you with this by completing a financial statement and asking you some questions so that we can identify a hardship that will help you qualify.
How much work is a short sale for me the home owner?
Very Little work. You just need to provide me with the documents below. I do all the work.
What is needed from me the homeowner to start the short sale process?
Every lender has their own requirements but I always request the following even though not all may be needed:
An executed purchase agreement.
Authorization to Represent (Granting me permission to speak to the lender about your account)
2 Months Banks Statements
30 days paystubs
Last 2 years tax returns
A Completed Financial Statement that I provide and complete with your information
A Hardship Letter explaining why you need the lender to approve the short-sale.
There is a difference between a typical agent and an Remerica Agent and, it shows in every single transaction.
Put these advantages to work for you today by calling Sherrie at 1-734-558-2369.
