What About Short Sales?

Please call our office (414)422-4700 or (414)217-6906. You are NOT alone in this today. We can possibly help "before" it gets to a foreclosure. Give us a call ... we can talk!!!

NOW ... WHAT TO EXPECT WHEN YOU BUY A SHORT SALE PROPERTY!!!!

* The Bank or Mortgage Co. is taking longer than 30 days to approve &/or reject the offer.
*Once approved ... you will need to close soon (w/in 30 days). Therefore, no contingent offers are allowed.
*How much the seller owes on the home normally MAY NOT matter. The bank will pay for a (BPO)independent broker's opinion & will normally accept about 80% of the FMV (Fair Market Value), after all Closing Costs are paid.
Don't walk away from your home;
we may have a solution for you!

What is a Short Sale?

A short sale is a term used to describe a process in which a lender agrees to accept a lower payoff amount on a loan than what is owed.



What if the home's market value has dropped?


Comparable home sales must substantiate that the
home is worth less than the unpaid balance due the
lender. This unpaid balance may include a
prepayment penalty.



What if the mortgage is in or near default status?
It used to be that lenders would not consider a short
sale if the payments were current. That is not always
the case. Realizing that other factors contribute to
a potential default, many lenders are eager to head
off future problems before they start.



What if the seller has fallen on hard times?

The seller must submit a letter of hardship that
explains why the seller may not pay the difference
due upon the sale, including why the seller has or will
stop making the monthly payments.


Contact us today for a free, confidential consultation to discuss your situation and to see how we may be able to assist you.