Wondering about the consequences of a foreclosure for a homeowner? Or maybe wondering about pursuing a short sale with your lender? We have provided answers to these questions (and more) below:
Q: What is a short sale and what are the basics of the process?
A: Information below provided by wikipedia.com
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation 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 the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, 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.
Q: Am I a candidate for a short sale?
A: Every situation is different. A typical candidate for a short sale would owe more on their home than current market value and/or have a payment that they can no longer afford due to a financial hardship. Call us at 850-479-SOLD (7653) and we'll help you determine the right course of action based on your particular circumstance.
Q: What are the alternatives to a short sale?
A: For those with equity, the answer could be as simple as a traditional sale. A mortgage modification or bankruptcy may be better options for your situation. Yet another option may be to rent the home until a time when selling is more feasible and profitable. We manage over 300 properties and have teamed with a local attorney to offer mortgage modifications.
Q: Will a short sale cost me?
A: In the standard short sale situation, commission fees and closing costs are paid by the lender.
Q: What I should I look for in a Realtor to sale my "Short sale" property?
A: Most short sales do not make it to the closing table. The primary reasons are lack of time and inexperience by the listing agent. At Team Sandy Blanton we have the experience and knowledge needed to close short sales! Couple these with a full time employee dedicated to working with the lender and selling your home, and you've got a winning combination!
Q: How do I get started with my short sale?
A: Call us at 850-479-SOLD (7653) and put our Team of real estate professionals to work for you!
 Ask us ANY question about selling your home or property. Or request our FREE in-home presentation of how we would market your property in Pensacola, Gulf Breeze and Milton! There's no obligation, and we promise to get back to you quickly... 
Pricing >The Listing Agent
Only approximately 2% of all listings nationwide are sold by the listing agent. When you list your house with me, I will try my best to sell it myself, but more importantly, I will simply get it sold.
Colleagues in my firm or real estate agents who are affiliated with a cooperating broker may sell my listings. This is why I work hard to maintain a reputation for being very professional and easy to work with. I make the homes I list as easy as possible for other real estate agents to preview or show to buyers.
When you select a real estate agent to market your property, you are hiring them not only for their list of prospective buyers, but for their ability to tap the lists of other people in the business. I constantly lobby among my competition, asking if they have seen my listings, getting feedback and urging them to add my listings to the short lists that they show when they have a prospective buyer.
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What real estate term was first used in the 19th century and means "a high-flying flag on a ship"?
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Skyscraper was first used in the 1880s when office buildings of 10 stories or more were built in Chicago and New York. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERTS™ 
