Short Sale Process

Helping You To Preserve Your Credit,[object Object],Ellen Stein, Realty Executives Brio, Bellevue WA ,[object Object],A Guide To Understanding The Process,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],What Is A Short Sale?,[object Object], ,[object Object],It’s a transaction where two unique events must occur together.,[object Object],(1) Net Proceeds Sale Loss,[object Object], ,[object Object],A short sale occurs when your net proceeds from the sale is insufficient to cover your note balance(s).,[object Object], ,[object Object],(2) Lender Agreement,[object Object], ,[object Object],The lender(s) agrees to release its mortgage lien(s) and note obligations on the home in exchange for payment less than the full loan balance.,[object Object], ,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],Why Would A Lender Agree To A Short Sale?,[object Object], ,[object Object],(1) Lender Loses Less As Compared To A Foreclosure,[object Object], ,[object Object],The discounted payoff of the short sale must be less than the lender’s cost to foreclose.,[object Object], ,[object Object],[object Object]

Holding of property until a successful resale

Maintenance of property until a successful resale

Commission & marketing cost of resale ,[object Object], ,[object Object], ,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],Why Would A Lender Agree To A Short Sale?,[object Object], ,[object Object], (2) Seller Distress,[object Object], ,[object Object],The lender will agree to a short sale if the seller can prove distress.,[object Object], ,[object Object],[object Object]

Seller can document financial distress

Seller has a firm sale which generates insufficient proceeds

Seller sale provides no net to seller

Seller proves current market comparables support sale price ,[object Object], ,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],Why Would A Seller Want To Do A Short Sale?,[object Object], ,[object Object],Potential Seller Benefits,[object Object],The Government recently passed HAFA (Home Affordable Foreclosure Alternatives) that is a Godsend for homeowners underwater.,[object Object],With HAFA, the Government requires homeowners are released from their debt, and any future liability from their Lender.,[object Object],Financial Incentives are provided: $1500 for you, $1000 for the Lenders, and up to $3000 for any additional lien holders.,[object Object],The process has been streamlined, and is MUCH faster now than ever before.,[object Object], ,[object Object], ,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],Why Would A Seller Agree To A Short Sale?,[object Object], ,[object Object],Continued…..,[object Object],5. It has less of an impact on your credit rating than a Foreclosure or Deed-In-Lieu of foreclosure. ,[object Object],6. Your lender may stop reporting missed payments to credit agencies.,[object Object],7. Provides more time for you to act in this difficult situation.,[object Object],8. You may buy another home sooner as compared to a foreclosure.,[object Object], ,[object Object], ,[object Object]

Helping You To Preserve Your Credit,[object Object], ,[object Object],What Must A Seller Do To Prepare For A Short Sale?,[object Object], ,[object Object],The following is a checklist of what you need to gather to begin the process of a Short Sale. ,[object Object],[object Object]

Short Sale Process

Short Sale Process

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