Short Sale Help

Question : What is a short sale?
Answer : Put simply, it is the sale of a home which is completed by way of negotiation with the existing bank in which the banks agree to accept less than the full amount of money owed to satisfy the bank note and allow it to be "paid off," (short and close).
Question : How much does it cost me to do a short sale on my house.
Answer : Completely Totally free! The bank Pays the realtors to complete this process for them and you. Your Remax realtor must not ask for any up front fees, ever. Question : How long does a short sale procedure take.
Answer : Any where from 2 weeks to a lot more than 6 months.
I have seen many short sales drag on for over a year and a half with no answer from the lender or lenders.
Question : Is a short sale far better than a bank & why
Answer: YES! A foreclosure can stay on you credit for up to 10 years where a short sale you could be back in business in 2 years or much less. It's possible to restore your credit score in just a couple years to aprox. the same levels

Question : Should I continue to live in my property during the property sale process.
Answer : Yes. All they way till the short sale is closed in escrow.

Question : Can I stop the bank foreclosure process by listing my house for sale with a real estate broker.
Answer: It is the 1st step. Then the next step would be to generate an offer on the residence before the home goes back to the bank via foreclosure and attempt to complete the short sale procedure before the foreclosure process is complete..

Question : Can I apply for a loan modification at the same time as the short sale procedure.
Answer : NO. Infact We can NOT attempt to work on a short sale for you if you do. If you tried to do a loan modification you need to withdraw it from the bank before the short sale method is started..

Banks won't work on both processes at the same time so you need to choose.

Question : Is there an advantage using a large real estate organization like Remax,Coldwell Banker or Prudential.
Answer : YES! Remax is the largest real estate firm in the WORLD! Remax is the only real estate business left with national TV and world wide web exposure. When it come to your family, credit & future... Why would you want less.

Question : Am I required to make any repairs to my residence?
Answer : If you can afford to make residence repairs or property maintenance anything assists. This is where a real estate agent would love to come to your residence and lend a honest & expertise short sale advice to assist get you going in the correct direction.

I have personally helped more that fifteen clients negotiate a successful shortsale agreement with their lender, most times my sellers were dealing with job loss, health issues or just plain not smart decisions when it came to spending money or borrowing money. It all boils down to intent, If your intent was good, then you did not commit fraud. if you intended to pay back the money borrowed then everything is usually going to work out for the best in the long run. If you didn't intend to pay back a debt when you originated it then you might be in trouble.

I recommend anyone concidering applying for a short sale to
a Licenced Real Estate agent with Remax equity group} Everything you wanted to know about short sales Loan Mod
Short Sale Questions and Answers