What is a Short Sale Let's face it, not all "real estate specialists" have the training, skill or experience to make the best judgments for one of the biggest investment you will likely ever make,...your house. There are hundreds, if not thousands of companies that practice real estate that have never done one transaction. They go to a "guru's seminar", spend thousands of dollars worth of websites documents and other materials and become a "real estate investor" the next day. All the companies represented by us are members of the WhoBuysHouses Network who's business' have at least 2 years of experience and have either bought or sold at least 5 properties in one year.
----------------------------------------------------- Many people talk like their is no other option but a short sale, when that is not typically the case. In fact, from many of the homeowners I have spoken to the explanation given to me of what a short sale is is rarely accurate. So for the benefit of any of you that might be confused, here is a simple explanation of what a short sale is, provided to me from Short Sale Specialist, Kimberlee Frank. A Short Sale is the 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 shale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor/borrow. The negotiation is all done through communications 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, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have to approve or disapprove of a proposed sale. Some Mortgage Companies such as Wilshire, Bank of America, and Regions request a deficiency judgment against the Mortgagor/Borrower. Kimberlee Franks Company has a 98% success rate of getting deficiency judgment waived against the Borrower. Her company policy is to help the Seller first and give them the option if we are unable to obtain a full satisfaction whether to proceed with the foreclosure or accept the deficiency judgment. Example: $200,000 amount owed and the houses sells for $150,000 - the short sale amount is $150,000 and the difference is $50,000. The $50,000 could be a deficiency judgment unless it is waived and the short sale is accepted as full satisfaction.*No matter what your house selling challenges are, we buy houses from people just like you in all types of situations. Contact us today for a free consultation and learn all your options. ----------------------------------------------------- If you are a home owner that needs assistance in preparing for a short sale, we have local representation in every state. Please locate your state from here and contact us today! Atlanta Georgia Home Owners please go to We Buy Houses Atlanta Georgia. If you are a real estate investor or agent looking for more information on how you can improve you short sale techniques, please let us know from here and we will provide you with more information on how you can learn more about short sale negotiations. ----------------------------------------------------- Are you a Real Estate Investor with over 2 years of experience? Join the WhoBuysHouses Network today and get the exposure you deserve! ----------------------------------------------------- *This article is provided by
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