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.
Yes, we encourage you to occupy the short sale to avoid vandalism and to qualify for relocation assistance.
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.
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.
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.
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.
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.
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.
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.
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.
Traditional sellers dictate everything, but in a short sale the lender approves everything because they take a loss.
The price of your home will be determined by the market value and the approved price from your lender.
Our average time is from 2 to 3 months, but it depends on varies factors.
You property will be on market until house is sold.
Depending on the rest of our credit, you can qualify with FHA to buy another home within 3 years.
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.
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.
Yes, a short sale can be done for both properties, if both qualify.
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.
Once the approval letter is received, the short sale needs to be closed within 30 days. The approval letter dictates everything.
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.
Our success rate is about 95%, but your chances depend on your lender and situation.
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.
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.
In a short sale, your corporation is key to a successful short sale.
Your corporation is very important because you will be required to provide monthly bank statements and paystubs or the lender will not move forward.
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.
When your home is listed, it will be listed at market value and continue to be reduced until an offer is received.
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.
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.
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.
Unlike a foreclosure, a short sale will be shown on your credit history as paid so you will be able to rent.
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.
All buyers will determine whether or not they would like an inspection to be done.
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.
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.
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.
A lawyer does not need to be present; however we do have a lawyer on staff to step in when needed.
Every lender has different guidelines and procedures, but regardless of the lender, a short sale is an alternative option to foreclosure.
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.