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If you owe more on your property than it's worth on the open market, due to a high interest rate, deferred maintenance, needed updates, or a home equity loan, we can help. It can be easy to feel overwhelmed when bills start piling up and it seems that even selling your house won't clear your debts.
For sellers in this situation, a lender may agree to a short sale. This is where a sales price is negotiated that is below the amount owed on the mortgage, in order to resolve the note without foreclosure or default. If you think this may be a possible option for you, it's important to contact an experienced professional to assist with your negotiations. While you can work with your lender directly to establish a price, it can be a very complex process involving repair estimates, comparable sale, and disputes.
We typically buy multiple short sale properties every month. Our team is experienced and knowledgeable in all aspects of the short sale process, and has established relationships with most lenders. This allows us to negotiate lower short sale agreements and ensure that the home is not lost to foreclosure due to an inability to get a fair price.
Typically, part of the short sale agreement will be a forgiveness of any remaining debt on the home. This allows you to move on more quickly and even potentially buy another home within a few years. While this is usually the case, every sale is unique and we always recommend speaking with your attorney and CPA to understand all of the ramifications of a short sale.
If you would like to learn more, call or contact us today and we'll be happy to help!
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NV lic # S.0173176