Short Sales – What are they?

What is a Short Sale? Are you right for a short sale? Can help you?

A short sale is essentially selling your home for less than what you owe on your current mortgage. It is a timely process and there are many reasons it does not work out…but there are reasons it can. I will go over those below.

Benefits to a short sale:

You avoid foreclosure and hurting your credit

The bank recoups a large portion of their loan without the headache or uncertainty of having to formally foreclose on you.

Steps of a short sale:

I submit you a signed offer for your house with a funds verification letter

You take that offer and submit that as well as other paperwork – depending on your lender – but more than likely:

  • short sale agreement
  • Hardship letter outlining your situation
  • Income verification and monthly expense verification
  • Other – modification rejections etc.,

Once your lender has the necessary documents they will review – it can takes weeks or months for a decision – they will either accept the offer, counter the offer, or reject the offer.

Why would they reject the offer?

  • They are losing to much money in the transaction
  • They feel as though you can actually afford the payment
  • They feel they can recoup funds other ways – if you have private mortgage insurance for instance – they will ask to collect on that

So if you are facing a foreclosure – give me a call and I will do my best to give you the options available to you.

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Rudolph The Home Buyer is not a large company. In fact it is one army veteran who, Like You, had issues in his life that required him to sell a home quickly. In trying to sell my house quickly I experienced how hard it was to get an honest, fair price offer. It was then I decided to start my own company and do it better! Put your address and email below and get a cash offer in 24 hours!
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