Short Sales

What is a Short Sale

 

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. 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

Short Sale Advantages

 

Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure" which means Less impact on your credit score.

Has Your Mortgage Payment Become Overwhelming?

Do you owe more on your home then it is worth? There is Help!....

Our goal is simple. We want to help home owners who are undergoing financial distress that are at risk of foreclosure or simply overwhelmed with bills. Our trained professionals will work directly with your lenders to negotiate the sale of your property which will help you avoid the stress and negative effects on your credit of a foreclosure. Your information is kept confidential and will not be released to any third parties. There is no cost to you to use our service and we only get paid on the successful sale of your home.

If you want some more information regarding the short sales contact us and we will provide you with resources regarding the short sale process.
 
 
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The Crawford Group

Re/Max Premier Properties

2100 Dallas Pkwy #102

Plano, TX 75093

Office: 972.403.2077

www.crawfordre.com

info@crawfordre.com 

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