Short Sale/Pre-Foreclosure Services
What is a short sale?
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage servicer agrees to a short sale, you can sell your home and pay off a portion of your mortgage balance with the proceeds. Depending on your situation you may be required to make a financial contribution toward the balance, but once the short sale is complete you’ll be relieved of your responsibility to pay any remaining balance—called a “deficiency waiver.”
A short sale is an alternative to foreclosure and may be an option if you:
- Are ineligible to refinance or modify your mortgage
- Are facing a long-term hardship
- Are behind on your mortgage payments
- Owe more on your home than it’s worth
- Haven’t been able to sell your home at a price that covers what you still owe on your mortgage
- Can no longer afford your home and are ready or need to leave
CSSN is a professional real estate designation meaning Certified Short Sale Negotiator. We have over 15 years experience working with short sales and happily certified with CSSN. Having this designation means we have undergone intense training to learn specifically how to negotiate through the short sale process.
Whether dealing with the seller, the buyer, the buyer’s agent, lien holders, attorneys or accounts, the CSSN is equipped with professional negotiation techniques and skills that will bring the best possible outcome given the market situation and your personal circumstances.
Short Sale vs Foreclosure
The primary difference between a short sale and a foreclosure is in who is selling the property. With a short sale, the bank allows the borrower to sell the home for less than the outstanding loan amount. Foreclosure is when the bank seizes the property from the borrower and attempts to sell it to satisfy the outstanding loan amount.
Short Sale |
Foreclosure |
|
---|---|---|
Cost To You | Potentially None | Potentially None |
Privacy | Public Information | Discreetly |
How It's Sold | Sold with a Realtor | Sold at a Public Auction |
Who is in Control | The Borrower | The Lender |
Credit Hit | 50-150+ points | 200-400+ points |
Credit Reporting | Settled for less than owed | Foreclosure Sale |
Time on Credit | 12-18 Months | 7-10 Years |
Future Home Purchase | Immediately - 2 Years | 5-7 Years |
Deficiency Rights | We negotiate for the lender to forgive the balance & release borrower from the deficiency. | Lender may pursue homeowner for the loss. |
* Every short sale is different and we need to assess your situation and discuss your options. Not all
lenders will agree to a short-sale but in almost all cases, it’s better to short sale than let your home foreclose.
Let's Create A Game-Plan
We understand the strategies of foreclosure prevention, and we will be
more than glad to help you salvage your situation and save your asset.