A popular strategy to avoid foreclosure and gain some control over the outcome is a short sale. This term has become quite well known in the past few years to both sellers and buyers of Real Estate, but the understanding of what it is exactly, how it works, and what it can do is not as well known.
A Short Sale is a sale of real estate in which the proceeds from the sale is less than the balance owed on the property. In a short sale, the bank or lender agrees to discount a loan balance due to an economic or financial hardship on the part of the homeowner. This negotiation is all done through communication with a bank’s loss mitigation or short sale department.
Short Sale Process
Timing is critical as far as initiating the short sale process or any other strategy to avoid foreclosure for that matter. Having time to find a reputable and skilled Real Estate Agent, review and understand options ahead of the lender’s foreclosure process allows homeowners to formulate a solid strategy and act on it. If short sale is the chosen strategy, the entire process from beginning to close takes 3 to 4 months on average. Learn More
Short Sale Benefits
With a short sale homeowners can be proactive in managing the impact to their credit, finances and future purchasing ability and these are just a few of the benefits of a short sale versus a foreclosure. Learn More
As the leading short sale specialist in North Texas, Oyezz is intimately familiar with the process and has a proven formula for success.
The Good Guys
Because of homeowners’ limited knowledge they often fall victim to scams . First and foremost, never pay a fee for a short sale service. Reputable Realtors receive their compensation from the lender upon the close of the sale.
There are several “red flags” to watch out for including the following:
- You are asked to sign a deed to your property without a letter from your lenders and lien holders relieving you of all debt.
- You are asked to pay a fee for the short sale service or you are asked to pay money to an attorney for short sale service.
- You are told a buyer will catch up the past due amounts, fines, bank fees and take over the payments.
- Someone has a buyer even though it hasn’t been listed yet. They want you to move out before the short sale closes.
These are all signs that someone is attempting to take advantage of you. Learn More