What Is A Short Sale?
A short sale is a favorable alternative to foreclosure where the lender on a property agrees to accept (as a full payoff) less than what they were originally owed. , so that they can avoid the foreclosure process and allow the house to be sold. The bank also absorbs all the costs of the sale; such as realtor commissions, closing costs, escrow fees, etc.
So for example, let’s say that a homeowner is unable to make their mortgage payments. Their mortgage balance is $500,000, but the property value has since dropped down to $450,000. With a short sale, the lender will reduce the amount of money they are owed so that it’s low enough to allow the property to be sold for $450,000, and to cover the associated costs of sale.
Our short sale services are available to you at no charge and no obligation. Even though we work directly for you, we are compensated by the bank or by the buyer. Sam’s Housing Solutions™ is a professional home-buying company who specializes in short sales. Unlike real estate agents, we not only negotiate your short sale, but also many times actually buy the property after we receive the lender’s approval. This lowers homeowners’ risk of not finding a buyer in time and losing the property to foreclosure.
Our staff provides an unbiased assessment of your personal situation. If you decide that a short sale is the best solution, the entire process takes place in less than a 30 minute friendly meeting.
Our proven processes and highly synergistic lineup of title attorneys, closing agents, buyers network, and skilled negotiators, ensure the most successful outcome to your situation.
Avoid foreclosure with a more favorable alternative. This will save you tens of thousands of dollars in interest rates, insurance premiums, and lost business opportunities.
Why Do a Short Sale?
Most people in foreclosure think their credit is already bad, but they are not aware that it could end up being much worse. At this point you may be behind on your payments, but your credit is not destroyed. A foreclosure will put a permanent mark on your credit. A short sale is instead more favorably reported on your credit report as a settlement.
Here you can see how the bank reports a short sale on your credit report:
Furthermore, in most cases any 1099(s) and/or Deficiency Judgment(s) will be for significantly smaller amounts (if at all) with a short sale than with a foreclosure. This results in cash savings to you.
And best of all, your short sale is completely free! We cover all of these topics and more in our FREE consultation. Enter your information on the right to receive one.
Loan modification is a process whereby a homeowner’s mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage.
These programs may sound good on paper, but the reality is that the vast majority of loan modifications DON’T WORK. Many homeowners spend months working with a lender, and if satisfactory outcome is not achieved, they are put in a time bind with their foreclosure process.
To get more information about loan modifications and your other options, request our special report titled: “Secrets Of Using A Short Sale To Avoid Financial Disaster” by filling out your details here.
Get Cash Compensation
Almost every lender mandates that in order for them to accept a short sale, the homeowner must receive $0 on the HUD-1 Settlement Statement. The lender will not allow the borrower to profit from the transaction, if the lender is accepting a short payoff on the loan.
However, through our experience and expertise, we are able to submit the proper forms and get you (the seller) up to $1,500.00 to help with your moving expenses.
In our special report titled: “Secrets Of Using A Short Sale To Avoid Financial Disaster”, you’ll find answers to your questions.