Short Sales - Frequently Asked Questions

Q. WHAT IS A SHORT SALE? A. A short sale, otherwise known as a pre-foreclosure short sale, is the sale of a property in lieu of foreclosure for a price less than the full payoff of the existing mortgage(s). Q. WHAT ARE THE BENEFITS TO SELLER? 1. You will incure a less negative impact on credit score. 2. You can minimize possible tax ramifications. 3. You will avoid embarrassment of foreclosure. 4. If you list with a RE/MAX Achievers short sale specialist, you will have the benefit of a dedicated Realtor working on your behalf to minimize your risk and sell the house as quickly as possible. Q. WHAT ARE THE BENEFITS TO BUYER/INVESTOR? 1. You have the chance to view the property prior to purchase unlike a foreclosure sale. 2. In most cases you avoid disgruntled sellers who might damage the property before moving out. 3. You avoid having to evict any hold-over tenants. 4. You have much more control over the terms of the contract. 5. Finially, you can enjoy the benefit of financing contingencies and home inspections. Q. HOW DO I GO ABOUT SELLING MY HOUSE ON A SHORT SALE? Step 1. List your home for sale with a RE/MAX Achievers short-sale specialist. Step 2. Enjoy immediate response from potential buyers because your home is priced at fair market value even though you may owe your lender(s) more than fair market value. If your short sale is approved, you should be allowed to sell your home for less than full payoff. Step 3. Once an offer comes in, your agent will negotiate with your mortgage lender and if approved, will interact with the lender on your behalf until closing.  The short sale response time from the lender can take anywhere from 30-60 days from the date you submit a complete short sale package.