Short Sale
Dear Seller:
A pre-foreclosure "Short Sale" is a negotiated workout program, wherein your lender considers an offer and agrees to accept less than the full payoff owed by you. A "Short Sale" permits qualified homeowners to sell their property irrespective of the amount owed. Your mortgage lender may accept, reject, or make a counteroffer to our proposal. If your lender concludes the offer is more than what it would receive if it disposes of your property, your lender will generally accept the offer.
We always negotiate for a full satisfaction settlement; meaning that the lender willl not pursue you for the difference between what they accept and what they owe. There are lenders, though, in rare occasions, that will not settle for full satisfaction. In the event that your lender will not settle for full satisfaction, we will notify you immediately and explore all of your options together.
A successful "Short Sale" requires extraordinary coordination and cooperation from all parties involved, including your mortgage company, you as the seller, and any third party buyers qualified to purchase the property.
Generally, expect 30-45 days before your mortgage company has performed an interior valuation of your property and another 3-8 weeks for your mortgage company to review and approve a short sale offer. Once we have an approval from the lender and an acceptable offer, we will be able to proceed to close.
Thank you for allowing me the opportunity to help you! I love referrals!
