Frequently Asked Questions

What is A Short Sale?
A Short Sale is when you sell your home for less than you owe to the bank(s) and they agree to accept less than the full payoff on your loan. It can also be referred to as a short payoff.


Do I qualify For A Short Sale?
To Qualify for a short sale you will need to prove a true hardship to the bank. Some examples of a hardship include
Payment Increase or Mortgage Adjustment
Loss of Job or reduced Income
Business Failure
Death of A Spouse
Death of a family member
Severe Illness
Divorce
Relocation
Unexpected Debt

These are just a few examples of hardship situations. When we meet with you we will help you determine if a short sale is the best option for you, if not we will help you determine alternate options.


How will my credit be affected?
Only the late payments on a mortgage will show on your credit report and after the short sale, the mortgage will usually be reported as paid as negotiated, or paid as agreed.

How much does it cost to do a short sale?
There are usually no out of pocket expenses or fees to you as the seller if the bank agrees to the sale. There are instances where you will have to provide Homeowners association documents to a potential buyer.

Will I Have To Pay Any Closing Costs, Commissions Or Escrow Fees?
No. All closing costs or fees will usually be covered by the bank and paid out of the sales price. The bank will be approving a net proceeds amount based upon the contract you accept.

Do I have to make repairs to the property?
We usually market a short-sale as-is but there are instances when it is in your best interest to make minor repairs to get the property sold.

Will I be Able To Purchase A Home Again?
Yes. Usually after 2 years or less. Depending on your specific situation.

Can you help me find a Rental?
Yes. We have an in-house property manager with an inventory of rental properties available.

When Do I Have To Move?
The process from accepted offer to closing usually takes a minimum of 120 Days. Once the lender has approved the short sale, you will know you have a minimum of 30 days before moving.

I have received a Notice of Default sale date on my property, is it too late to try a short sale?
No. Usually we can contact the bank and get an extension on the sale date once you have listed the property as a short-sale.


*These FAQ's are meant to give you an idea of answers to common questions, but will not always apply to all situations.