FAQs

Q: Can I do a short sale with my realtor?

Any realtor can do a short sale. However, he or she must understand the short sale process and must be qualified in order to successfully close a short sale.


Q: Can I live in the property while the short sale is going on?

Yes, we encourage you to occupy the short sale to avoid vandalism and to qualify for relocation assistance.


Q: Can I sell my home for less than I owe if I have more than one mortgage on my property?

Absolutely! When doing a short sale, we get your lenders to pay any other liens, whether it is another mortgage or city lien. It can be done.


Q: Can I simply deed my property to someone else and avoid the hassle?

If you were to give your deed away, you would still be required for the debt and tax consequences associated. The deed is for the ownership of the house, but you are still responsible for the loan you took out for that house.


Q: Can the lender still proceed with a foreclosure even when a short sale is agreed on?

Yes, the foreclosure process can still proceed. However, we monitor all foreclosure proceeding during the short sale process to ensure that the short sale can be completed.


Q: Do you charge an upfront fee for taking my short sale?

At Oyezz, you will never be charged an upfront free to do your short sale. We will not get paid until closing, after a successful short sale, and the lender will take care of that. We do not require any out-of-pocket money from you.


Q: Does a good credit score help the seller trying to do the short sale?

Credit score has nothing to do with the short sale. You must have a financial hardship and your home must be upside down to do a short sale.


Q: How can I be certain that the paperwork and process is official?

Oyezz Real Estate, and its employees, are doing business as a licensed real estate brokerage in Texas under Eartha Wang. All of our short sale paperwork is to collect the required information to process the short sale with your lender. After you have signed and provided all the necessary paperwork, you will receive a copy of all the documents. Throughout the process, you will be updated on how the short sale is moving along, what is needed from you, and what the next steps are. We represent you as the seller and keep all of your information confidential. For more information or concerns, please call our office at 972-342-0011 and ask to speak with a manager.


Q: How do I start the short sale process?

Homeowners: After you have been qualified for a short sale, you will need to hire a licensed real estate agent to collect your financial information and begin working with the lender.


Q: How does a short sale affect the buyer?

From a buyer’s perspective, nothing will be different as long as they have proof of funds and will be willing to wait a little longer.


Q: How does a short sale process differ from a regular sale process?

Traditional sellers dictate everything, but in a short sale the lender approves everything because they take a loss.


Q: How is the price of my home determined during a short sale?

The price of your home will be determined by the market value and the approved price from your lender.


Q: How long does the short sale process take?

Our average time is from 2 to 3 months, but it depends on varies factors.


Q: How long will my property need to be on the market?

You property will be on market until house is sold.


Q: How soon after a short sale can I buy another home?

Depending on the rest of our credit, you can qualify with FHA to buy another home within 3 years.


Q: How will I know that I am being released from the debt?

At closing, everything will be disclosed in the approval letter from your lender. It will state that you are being released from the debt, and your lender cannot come after you for it in the future.


Q: I am behind on my payments. How long until the bank forecloses?

Foreclosures depend on the lender and the location of the property. Texas, specifically, has the fastest turnaround times for foreclosures but it all depends on the lender’s choice to initiate the foreclosure.


Q: If I have two properties, can I do a short sale for both at the same time?

Yes, a short sale can be done for both properties, if both qualify.


Q: If my home is in rough shape and needs work, can I still do a Short Sale?

The condition of your house does not matter in a short sale because the lender will take all the repairs needed into consideration when determining the value of your home.


Q: Is there a set time period to close the short sale?

Once the approval letter is received, the short sale needs to be closed within 30 days. The approval letter dictates everything.


Q: My loan is already in foreclosure. Can I still pursue the option to sell my home for less than I owe?

You can pursue the option of doing a short sale even if your home is already in the foreclosure process because a short sale and be initiated and worked with the lender.


Q: What are my chances of a successful short sale?

Our success rate is about 95%, but your chances depend on your lender and situation.


Q: What are the benefits of a short sale?

A short sale allows you to sell your home no matter how much you owe on the mortgage. And, in a well-negotiated process you can walk away free and clear with no tax consequences under the 2007 Debt Relief Act. You can also purchase a home through FHA about 2 years after you completed the short sale.


Q: What are the disadvantages of a short sale?

The short sale process usually takes about 4 to 6 months, and your missed mortgage payments do affect your credit. You will also be required to provide monthly financials and corporate with showings.


Q: What can I do to make my home sell faster?

In a short sale, your corporation is key to a successful short sale.


Q: What do I have to do during the short sale process?

Your corporation is very important because you will be required to provide monthly bank statements and paystubs or the lender will not move forward.


Q: What documentation will I need to start my Short Sale process?

You will need monthly financials (bank statements and pay stubs), to prove that you are struggling through a hardship and can no longer afford your mortgage. The lender will also require you to complete and sign a packet, but all that is provided and explained at the initial meeting.


Q: What if I do not receive any offers on my home?

When your home is listed, it will be listed at market value and continue to be reduced until an offer is received.


Q: What it the difference between having a foreclosure on my credit record verses a short sale?

A short sale on your credit report will show as a settled debt. A foreclosure will severely damage your credit, it stays with you for about 7 years, and that foreclosure information will be in the public records forever.


Q: What sort of hardship would my lender consider legitimate?

Common hardships are divorce, death of a spouse, loss of a job, loss of income or reduced income, forced relocation, and overwhelming medical bills. If you have a specific situation, call us for more details.


Q: When should I find out if I qualify?

From the very beginning, we determine if you qualify to see if your house is upside down and if you have a hardship. We will not work on the short sale until we are certain that you qualify. If you are getting behind on payments, we can step in and check to see if you qualify.


Q: Where will I live after the short sale? Will anyone be willing to rent to me?

Unlike a foreclosure, a short sale will be shown on your credit history as paid so you will be able to rent.


Q: Why would a mortgage company agree to accept a Short Sale?

If the lender forecloses, they will have pay for all the costs that are involved in selling the home, such as hiring a real estate agent, maintain the home, and finding a buyer. But they will still receive only the market value of the home. By accepting a short sale, the lender does not have to take on any extra cost of having a vacate house, which gives them more profit with the same market value.


Q: Will a home inspection be required during in a short sale?

All buyers will determine whether or not they would like an inspection to be done.


Q: Will I be required to have a “Short Sale” sign in front of my yarn?

A short sale sign is not required, but we suggest that a sign is put on your yard to attract buyers and receive offers faster.


Q: Will I be required to pay the balance of what I still owe on the house?

Through Oyezz’s well-negotiated process, the seller will not be responsible to pay the debt after the home is sold at market value because the lender will forgive that debt.


Q: Will I get any money out of a short sale?

For every client, we apply for relocation assistance to help after the completion of a short sale. Although nothing is guarantee, we always do our best to help the seller at closing but no more from the proceeds will be given.


Q: Will I need a lawyer present during the short sale process?

A lawyer does not need to be present; however we do have a lawyer on staff to step in when needed.


Q: Will the outcome of a short sale depend on who the lender is?

Every lender has different guidelines and procedures, but regardless of the lender, a short sale is an alternative option to foreclosure.


Q: Would it be easier to let my home foreclose?

It would be easier but not beneficial, and leaves you open for tax consequences, lawsuits, and recourse from the bank. Short sales eliminate all of that.


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