What is a Short Sale? Do you have a reason that you can’t pay your mortgage, now or in the near future? Do you have a hardship and/or your lender wants you to do a Short Sale (because they don’t want to foreclose)? Then you need DUFFY. Our team is ready to help you PLUS our help is free to you!
BUT PLEASE HURRY, TIME IS NOT ON YOUR SIDE!
There is a danger of you attempting a short sale as wasted
time can force you into foreclosure.
A successful Short Sale takes expertise plus a precise process.
Only DUFFY Realty has both.
The Steps To A Short Sale Are:
1. Continue to do whatever you have been doing – not paying your mortgage, paying your mortgage, living in the home, etc…
2. Get your home listed ASAP to show the lender that you are serious about getting rid of the home and finding them a buyer to take it off your hands.
3. Clean up to attract a buyer. Only clean up, don’t spend money, as the lender does not like for you to do that.
4. Get an inspection from our inspector if there are repairs that the lender needs to know about so that we can send in a professional’s opinion of the condition.
5. Take good photos or hire our photographer to take good photos. Good photos are the difference in us having a lot of buyers to choose from.
6. Start preparing your hardship package
7. Stop paying your mortgage or continue to pay – your choice. Depending on whom and what kind of mortgage you have, you may be required upon approval to be behind.
8. Get a buyer and sign the contract (only when we instruct you that we are willing to send this buyer to the lender.) Again we are extremely picky about who we present to the lender.
9. Wait for an approval – this can take up to 60 days.
10. After we have approval, you will be closing within 25 days so you will need to move if you have not already.
11. You will not have to attend the closing, they can do a mail-away or you can go in early and sign your portion.
Who We Are:
The way that we have become the #1 Atlanta Short Sale agent team in Georgia is that we have a specific and precise process that markets your home to short sale buyers and then makes your lender happy enough to give you a short sale.
We only take reasonable buyers who are ready, willing and able to perform to your lender.
We are unique because we partner with a law firm who negotiates and handles that process with your lender. This law firm, unlike most, represents you in the transaction. Because your lender wants you to have representation (because they don’t want to deal with you directly), your lender will pay our fees and the attorney’s fees.
We also use a proprietary system that updates what is going on with your lender or with showings. You will log in to a web page that we make for you to get your updates. It’s easy!
So here are the answers to the questions that you should have answered about a short sale before you attempt one with your lender(s).
To perform a short sale, you have to have 2 things:
1. A hardship that can be proven as to the reason that you can no longer pay your mortgage and
2. A buyer. If you have those 2 things, your lender wants you to do a short sale and they may even pay you to do one. They don’t want your home on their books!
The Benefits of a Short Sale To You Are:
You will owe the lender no more money unless you agree.
If the home is your primary residence, you will not owe the IRS if you close by December 31, 2013. However, there have been some new updates to the IRS tax code that may benefit you the same as the old relief act.
Your credit score will drop slightly but you should be able to purchase again within 2 years – some people are able to purchase immediately!
However, your credit will NOT have the mark of Foreclosure, which can be devastational to future employers, landlords, and lenders.
So the next thing to do is get your property listed.
Barrow, Bartow, Clayton, Cobb, Cherokee, Dawson, DeKalb, Fayette, Forsyth, Fulton, Gilmer, Gordon, Gwinnett, Hall, Henry, Jackson, Lumpkin, Paulding, Pickens, Walton, and White counties.
THIS IS WHAT WE DO FOR YOU...
Rhonda, I have to mention, this package has to be the most complete and organized package I’ve ever come across. You did a great job and are very consistent. You’ve got my stamp of approval!
-Arden Banks at Chase Home Mortgage
What Are The Benefits of a Short Sale vs. Foreclosure:
You can remain in the home until it is closed with a short sale. The average time to close after you get an offer is 4 months.
Short sale sellers report that they feel better about doing the” right thing” by helping the lender resolve the problem.
Some types of loans will give you some moving money at closing – FHA up to $1000.00 and HAFA loans up to $3,000.00
Only 25% of Short Sales close due to the Scattershot approach used by most agents who are not properly trained. The truth is that most agents who are attempting short sales both on the listing and buying side have NO training and if they have some training it is simply not enough training. The short sale process requires an expertise like no other.
~ Michael Spickes – Leading Expert in Short Sales