FAQ
- How much do you charge to help me with my Short Sale?
- I'm not late on my mortgage yet, when can I get started?
- What's the first step?
- I've missed 3 or more payments, it is too late?
- The house is listed, now what?
- We have an offer, now what?
- How long does it take the bank to approve the sale?
- Will the buyer wait 30-90 days for an approval?
- The bank has approved the sale, now what?
- What if the bank does not approve the offer?
- Will a Short Sale affect my credit?
- How much will it affect my credit?
- Is it possible to Short Sale with minor credit damage?
- If my spouse is not on the mortgage will his/her credit be hurt?
- When can I buy a home again?
Q: How much do you charge to help me with my Short Sale?
A: Nothing. Our fees are paid by the bank.
A: Nothing. Our fees are paid by the bank.
Q: I'm not late on my mortgage yet, when can I get started?
A: Now. You don't have to be late on your mortgage to start the short sale process. If you can see you are headed for trouble, it is time to talk to us about listing the property.
A: Now. You don't have to be late on your mortgage to start the short sale process. If you can see you are headed for trouble, it is time to talk to us about listing the property.
Q: What's the first step?
A: Contact us. We will discuss the process, the timelines, and any item of consideration. You will not be pressured into listing your house, we will not work with clients that are not ready to take on the short sale process.
A: Contact us. We will discuss the process, the timelines, and any item of consideration. You will not be pressured into listing your house, we will not work with clients that are not ready to take on the short sale process.
Q: I've missed 3 or more payments, it is too late?
A: No. The bank has to adhere to guidelines for foreclosure and these guidelines take time. It is best to get started as soon as possible, but you still have time to get a short sale done.
A: No. The bank has to adhere to guidelines for foreclosure and these guidelines take time. It is best to get started as soon as possible, but you still have time to get a short sale done.
Q: The house is listed, now what?
A: This period of time is trying. There is nothing to do until you have an offer, but there are things that can be done to help get an offer on the table. We are experts at getting the property presented and price right.
A: This period of time is trying. There is nothing to do until you have an offer, but there are things that can be done to help get an offer on the table. We are experts at getting the property presented and price right.
Q: We have an offer, now what?
A: The sale has to be approved by the bank(s). Submitting the offer and supporting information timely and correctly is important. We work with many banks and have experience with tough negotiation. We will take care of communicating with the bank(s), you have to make sure you are ready for the approval. We will coach you through your responsibilities so the transaction closes smoothly once we have the bank approval(s).
A: The sale has to be approved by the bank(s). Submitting the offer and supporting information timely and correctly is important. We work with many banks and have experience with tough negotiation. We will take care of communicating with the bank(s), you have to make sure you are ready for the approval. We will coach you through your responsibilities so the transaction closes smoothly once we have the bank approval(s).
Q: How long does it take the bank to approve the sale?
A: That varies greatly depending on which bank holds the note. Some banks respond very quickly, others require 45 to 90 days to give an approval.
A: That varies greatly depending on which bank holds the note. Some banks respond very quickly, others require 45 to 90 days to give an approval.
Q: Will the buyer wait 30-90 days for an approval?
A: We have a system in place to keep the buyer involved and informed. This helps them be patient with the process and keeps them interested in the property.
A: We have a system in place to keep the buyer involved and informed. This helps them be patient with the process and keeps them interested in the property.
Q: The bank has approved the sale, now what?
A: We start escrow just as if it was a regular sale. The title company address title issues and provides pay-offs, the buyer's lender secures a loan, and you prepare to convey the property to the new owner.
A: We start escrow just as if it was a regular sale. The title company address title issues and provides pay-offs, the buyer's lender secures a loan, and you prepare to convey the property to the new owner.
Q: What if the bank does not approve the offer?
A: The bank will counter the buyer on terms or price. The buyer can accept or reject the counter. If they accept, you go to escrow. If they reject, the bank can be negotiated with somewhat, or the property goes back on the market.
A: The bank will counter the buyer on terms or price. The buyer can accept or reject the counter. If they accept, you go to escrow. If they reject, the bank can be negotiated with somewhat, or the property goes back on the market.
Q: Will a Short Sale affect my credit?
A: Yes, unfortunately there is credit consequence for not paying, late paying or short paying your mortgage. We will work with you to mitigate as much of the credit affects as possible, but there will be some negative affect.
A: Yes, unfortunately there is credit consequence for not paying, late paying or short paying your mortgage. We will work with you to mitigate as much of the credit affects as possible, but there will be some negative affect.
Q: How much will it affect my credit?
A: This varies based on the bank and the terms of your loan. There are some standard estimates which we will go over as we discuss the process with you and look at your individual circumstances.
A: This varies based on the bank and the terms of your loan. There are some standard estimates which we will go over as we discuss the process with you and look at your individual circumstances.
Q: If my spouse is not on the mortgage will his/her credit be hurt?
A: Not usually, but there are issues that we will need to discuss with you.
A: Not usually, but there are issues that we will need to discuss with you.
Q: When can I buy a home again?
A: You will likely to able to buy a home in about 2 years. Loan guidelines right now require just 2 years after a Short Sale for the purchase of a primary home. This is not likely to change very soon, but the sooner you start the clock the more likely that timeline will apply to you.
A: You will likely to able to buy a home in about 2 years. Loan guidelines right now require just 2 years after a Short Sale for the purchase of a primary home. This is not likely to change very soon, but the sooner you start the clock the more likely that timeline will apply to you.