Short Sale Information

What is a Short Sale?  Should you Short Sale or go into foreclosure? How do you do a Short Sale?  Is it too late? Who pays the Realtor fees? Are there other options? How can you find a Realtor who wont scam you?  There are alot of questions when you are thinking about a Short Sale. I have answers.  You can trust me.

What is a Short Sale? A Short Sale is an option when you are having trouble paying your mortgage. If you have a hardship such as a job loss, relocation, divorce, or death in the family, you can ask your lender to accept an offer on your home for less that you owe on it. Short Sales are popular right now because home values are often lower than mortgage balances. The great thing about Short Sales is that you can list your house at market value and actually appeal to buyers and get it sold!

Should You Short Sale or go into Foreclosure?

It is a lot easier to just let your house go into foreclosure, but there is a sense of relief and sometimes pride when you do whatever you can to avoid foreclosure. A foreclosure will drop your credit score 200 points and you will need to wait 5-7 years to buy a home again.  With a short sale, your credit will go down as little as 50 points and you may qualify for a new home in just 2 years.

How do You Short Sale?

The first step in a Short Sale is to call your lender and ask for a Short Sale Package. This will provide you with guidelines and forms that you need to start the process.  Then you call me to discuss your house's market value and sale process.  We market your house just like any other house. When you get an offer, you chose if you want to accept it or not.  Once you have accepted an offer, we send it to your lender to see if they will accept a payoff less than you owe. Depending on your lender, the approval process can take two weeks or several months.

Is it Too Late?

Some people think that once they are in foreclosure, it is too late to do anything.  That is not true.  Once you get your Notice of Election and Demand, you have 110 days to either pay your debt or sell your house.  Short Sales are priced so accordingly, that it is often easy to get a quick offer.  Once you have an offer, you can ask your lender to postpone the foreclosure sale in order to process the Short Sale.

Who Pays the Realtor Fees?

The bank pays the Realtor fees, closing costs, and any buyer concessions.  You don't pay anything!

Are There Other Options?

Maybe! House values are on the rise and you might be surprised to find out that you can sell your house without a Short Sale.  Call me for a free market analysis to see what your house is worth.

How Can You Find a Realtor Who Wont Scam You?

It's true, there are people out there scamming home owners. Please, please, please do not work with someone who promises to buy your house if you can't sell it and please do not agree to add a person to your deed! I also recommend against hiring someone who is not a full service Realtor.  You deserve a full service Realtor working hard for you, not someone who is just trying to make money from the bank. Metro Brokers agents are true professionals and we are second in Colorado in market share. You can trust me and I can provide references.  My team has over 32 years of experience and will take care of you.