What is a Short Sale?
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the sellerís loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Combined with the weak real estate market the following are common situations facing distressed sellers:
Our goal is to protect our clients while guiding them through their real estate transactions. We offer affordable rates and a friendly atmosphere where clients are welcome to call the office with any questions they might have.
Short sales are more complicated and time consuming than an average real estate sale, making it important to retain an experienced negotiating company to oversee and negotiate the transaction. A distressed seller initiates the short sale by contacting a Realtor to draft a special contract and then a Realtor needs to find a buyer at the current market price, sometimes in excess of fifty percent less than the seller may have paid for the property. The sellerís Realtor must find a bona fide purchaser for the property at the current market value before the short sale offer can be submitted to the sellerís lender.
ShortWizô works with sellers, buyers, and Realtors to negotiate special short sale contracts which include the conditions of the short sale. Special attention must be paid to all short sale terms or addenda, which are often written in favor of the lender and seller rather than the buyer.
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in the business of managing and owning property and short sales are less expensive than completing the foreclosure process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees. We are experienced in negotiating with lenders to obtain a timely short sale payoff that satisfies both the lender and the seller, often without damaging the sellerís credit rating.
Buyers Benefit from Short Sales
Buyers often save money purchasing a property in a short sale. ShortWizô represents buyers in short sales and will assist the Realtor in drafting a sales contract to include language to allow for closing costs and fees in the short sale to be paid for by the bank. The experienced negotiators at ShortWizô will prepare an initial draft settlement statement (HUD) satisfying the needs of all the parties, which will be submitted to the lender for approval. Drawing on extensive real estate experience and careful planning ShortWizô will work to obtain the best possible lender payoff, resulting in a fair price and low costs for the buyer and satisfaction for the lender and seller.
We assist Realtors and mortgage brokers guide their clients through the short sale process, and coordinate the transaction from listing to contract to closing.
Why work with ShortWiz?
We handle everything for you, so you can spend more time growing your business and cultivating more transactions. Our goal is to establish a long term business relationship with you and grow together. We don't get paid unless the transaction closes.
As you know, the trends change week to week and even day to day. You need a short sale company that has their finger on the pulse of the market. We change when the banks change and we make adjustments according to what is happening today, not what has happened in the past
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