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Penny L. Ray
702-658-8153
pennyray@cox.net

CalBRE# 01297075
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Penny L. Ray
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702-658-8153
pennyray@cox.net

CalBRE# 01297075
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Short Sale

Homeowners who are struggling with their mortgage payments are facing tough choices—do you stay in a home you may no longer be able to afford or should you try to leave? While it may be difficult to think about leaving your home and making this decision, it may be the best option if other solutions to keep you in your home are no longer viable.

Don’t just walk away from your home, avoid foreclosure.
There are better options. The most important thing is to avoid foreclosure. Some options may even offer cash incentives to help you move and transition into different housing.

What is a short sale?

A short sale, is when the net proceeds from selling your home is less than the balance you owe on your mortgage(s). If all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.

A short sale is an alternative to foreclosure and may be an option if:

  • You are ineligible for a refinance or modification.
  • You are facing a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it’s worth
  • You can no longer afford your home and are ready or need to leave

What are the benefits of a short sale?

  • Eliminate or reduce your mortgage debt
  • Avoid the negative impact of foreclosure
  • May be eligible for relocation assistance
  • Start repairing your credit sooner than if you went through a foreclosure
  • May be able to get a mortgage to purchase a home sooner than if you went through foreclosure

What is the process for a short sale?

A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. In some cases, you may be eligible to receive relocation assistance to use toward your moving expenses and to make the transition to new housing easier. If you qualify for the short sale option, the process is similar to a normal real estate sales transaction and you will work with a qualified real estate agent to market and sell your home (Penny Ray is a certified  Short Sale, Foreclosure Resource  SFR). Negotiations of the short sale with your mortgage company(s) can be challenging and time consuming. An option to consider would be retaining services of a Real Estate attorney to negotiate the short sale on your behalf to protect your best interest every step of the way through short sale. You can add a clause in the purchase contract requesting a buyer pay the attorney short sale processing fee through the closing of escrow.  Attorney short sale services include help with the following:

  • setting the sale price (based on current market value)
  • collect financial information and negotiate with lien holders
  • review acceptable offers for short sale approval
  • once a buyer is in place work with agents and mortgage lender to finalize terms of sale
  • Review final lender short sale approval letter, making sure seller protective clauses included

In some cases, you may be eligible to receive relocation assistance to use toward your moving expenses to make a transition to new housing easier.

Next steps

Gather your financial information: Make sure you have your basic financial and loan information on hand. Including your other monthly debt payments (car or student loans, credit card payments); and your current income details (paystubs, income tax returns, bank statements).

Explain your current situation: Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment, the reasons why this is a long-term problem and that you want to sell your home to avoid foreclosure. Your mortgage company will need to understand the reasons why you are having difficulty.

Contact me to help you short sale your property. I’m a certified Short Sale Foreclosure Resource and have helped many home owners successfully short sale their property.

Penny Ray, Realtor, SRS, SFR, CRS               phone# 702-658-8153              email: pennyray@cox.net