Executive Realty Group

Short Sales

If you can answer yes to any of the following, then a short sale may be the smart solution for you:

  • Do you owe more than your Property is worth?
  • Having trouble with your Mortgage Payments?
  • Loan Modification Denied?
  • Facing Foreclosure

What is a Short Sale?

In simple terms, a short sale is transaction in which the bank(s) accepts less than what they're owed in order to allow a sale, and thus helping you avoid foreclosure or bankruptcy. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $500,000. The market value of the home is $350,000. The Mortgage Bank agrees to wipe out $150,000 in mortgage debt, and accepts the offer for $350,000 and the home is sold. In actual practice, a Short Sale is the most complex of all Residential transactions, so make sure you work with seasoned professionals.

What are the Advantages of a Short Sale?

1.) Less Damaging to Credit Rating: A Foreclosure will severely damage ones credit rating for 7 years, but a Short Sale is less damaging and its effect does not last as long.

2.) Major Banks are Encouraging Short Sales over Foreclosure: It is more cost-effective to a bank to approve a short sale than to foreclose on a property. Freddie Macoffers participating Banks a $2,200 incentive to conduct a Short Sale versus Foreclosure.

3.) Probable Relief from HELOC 2nd Mortgage: We negotiate with the 2nd Mortgage lender to avoid having a deficiency judgment issued against you.

4.) Dignified Solution: With a Short Sale, we sell your home just like your neighbors have done. It's a dignified resolution to a tough situation. On the other hand, after a Foreclosure, a Sheriff performs a lock out, the grass turns brown, and a Bank Sales Rep places ‘Bank Foreclosure For Sale’ signs in front of the property for your neighbors to see.

5.) “Cash for Cooperation”: Some of the banks we work with are now offering home owners a Cash incentive in order to Cooperate with a short sale, versus allowing the property to be Foreclosed on by the Bank. Which Banks and amount of Cash offered, is on a case by case basis.

Time is of the Essence.

If Foreclosure proceedings have started on your home, then you may have less than 3 months and 3 weeks before your home is sold at the public Foreclosure Auction on the courthouse steps. Our team of experts here at Executive Realty Group can almost always get the foreclosure postponed, but only if you call us. Please don’t hesitate, or sit in hope that your financial fortunes will significantly change in the near future. We’re here to help you prevent Foreclosure using a dignified short sale solution. To see if you qualify contact one of our specialist here at Executive Realty Group.

Experience Matters!

Negotiating short sales is a full-time job. At Executive Realty Group, all short sale packages go through a very meticulous screening and preparation process, twice for accuracy. Your short sale package is only submitted to the Bank(s) when it meets our standards and has the greatest chance for approval. Our full-time Negotiators have developed a far-reaching network of contacts consisting of mortgage companies, banks, and realtors. The strength of our experience, knowledge and relationships is invaluable.

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