SHORT SALE, SHORT SALE, SHORT SALE. 

MEDFORD OREGON SHORT SALE REALTORS . 541-899-7222. 

This market has caused unbearable stress and heartache, and we understand. Foreclosure is NOT your only option. Let’s chat, no obligation, no charge. Expect discretion, we want to help. 541-899-7222. You are not alone, millions of homeowners are facing foreclosure right now. 

Foreclosure options. Are you wondering if you have any options? Have you stopped making your mortgage payment, or perhaps you are struggling to make your mortgage payments? A number of things can qualify you as a candidate for a short sale. Job loss, loss of income, illness, total debt, trauma, divorce, injury, disability, death, legal issues, increase in living expenses, job relocation when the property does not have any equity, etc..     

Do you know that a Realtor can help you get your bank to allow you to sell your home for LESS than what you owe? If you are in a financial hardship, the bank pays the closing fees, including the Realtor commission, in additional to forgiving the shortage amount, if you meet the Lender’s criteria.

If you are in a financial hardship and you are willing to sell your home to avoid foreclosure, some lenders will agree to put your foreclosure on hold while you attempt to sell your home through traditional real estate methods. 

Banks do not want to foreclose. It is expensive, it increases their liability, and it decreases the real estate market value.

Useful information to have when calling us. 541-899-7222.

1.       APPROXIMATE Mortgage Amount(s).

2.       Home Address.

Frequently Asked Questions- Short Sale

Why would a mortgage company agree to a short sale?

There are several reasons why a mortgage company is smart to approve a short payoff. Foreclosure is a last resort for all parties. Lenders have come up with various alternative to foreclosure, one of which is a short sale. 

A short sale allow the lender the ability to cut its losses upfront by avoiding the expense and the time of a foreclosure and potential greater losses and increased liabilities.

It allows the Lender to help the Borrower out of a bad situation.  

Loss in value and increased liability of owning a vacant home.

Asset Management Expense.

Why would a mortgage company reject a short sale?

There are many reasons why a banks reject short sales.

Short Sale Offer Price is Too Low

Banks will request an appraisal, or a BPO (Broker Price Opinion) to determine fair market value of the real estate. If the bank believes it can make more money by taking the property through foreclosure proceedings, they bank will reject the offer.

The Short Sale Package is Incomplete

Banks lose documentation. It can be faxes, overnighted, emailed, and hand delivered. It doesn’t matter. If the bank has lost it, the bank will reject the offer. It is imperative to confirm the bank has a completed short sale package for consideration. We can be counted on to make sure the bank finds the short sale package complete and ready for serious consideration. 

The Seller Does Not Qualify

If the Seller is asking for debt forgiveness, the bank will want to see a hardship letter from the Seller that explains why the Seller cannot afford to pay back the shortfall difference. Sellers who are capable of repayment will be rejected for a short sale. 

The Bank Sold the Loan

Sometimes that bank won’t realize it no longer holds the mortgage on the property until many months have passed by during short sale negotiations. If the bank has sold the mortgage to another lender, the bank has no authority to approve a short sale because it has sold the asset. 

Insurance

Sometimes a bank receives insurance money only when they foreclose, so it actually financially benefits them to reject a short sale.

I have not missed any payments, will my lender consider a short sale?

Well, maybe. Some lenders will accept a Short Sale for approval on loans that are not yet delinquent. We can put your short sale package together and submit it to the bank for you. They can let us know if YOU qualify to put your home on the market as a short sale.

Do Lenders approve all short sales?

NO NO NO. It is critical to select the best Realtor for the job. Many outside factors are involved in short selling. One of the things you have control over, is the Realtor you trust to work on your behalf.

I do not have money to repair my home, can I still do a short sale?

Absolutely, yes! Lenders realize that their chance of loss and increased liability is a factor when considering a short sale. Besides not wanting to bare the expense of repairs, lenders are generally not set up to get the work done. 

My lender had a few options for me to consider, what are they?

Loan modification. A loan modification can be an excellent option for someone that wants to stay in their home, and that has the ability to pay the modified amount. Loan modifications can be AWESOME, and I mean A W E S O M E!   I have heard of lenders going down to 2-4% interest to make a home more affordable to keep for a borrower. However, the process can be lengthy and involved, so arm yourself with information, and call your lender to see what their process is and if you qualify.    Some modifications are temporary, some permanent. 

Forbearance Agreement. A forbearance agreement is when a lender agrees to not take action against a delinquent borrower. The lender agrees not to foreclose. The borrower agrees to keep current on their mortgage (from that date forward) and repay the amount they are delinquent within a specified period of time. This can be by way of monthly payments, or with a bulk amount due on a particular date. Forbearance agreements are good for borrowers that have had a temporary hardship If the lender agrees that it appears the financial problem was short term, a forbearance agreement can be a nice compromise.

What if I do not have the money to pay a Realtor Commission? In a short sale transaction, you, as the Seller, do not have to pay the Realtor commission or ANY of the closing costs. The bank covers all of these costs, including delinquent property taxes.

If I have TWO loans on my home, can I still qualify to do a short sale?

YES! It ads additional complications and can make for a more lengthy and time consuming process, but YES! We can work together with both lenders to close a short sale transaction. Even if your home is below the balance of the First Mortgage, we can normally get the lenders to cooperate with us, and with each other. Sometimes the First and the Second Mortgage are held by the same lender, but they are each mortgage or HELOC is handled independently.

Can I sign the deed over to a new Buyer to solve my problem.

NO, PLEEEASE, do not do this! In this market, we are finding scam artists preying on homeowners that are in a rough spot. They are very clever, and often, very likable. Do not sign over your deed to anyone. Signing over your deed does not relieve you of your mortgage obligations. If someone asks you to sign over their deed, please do not do it. Also, if someone asks you to sign over a power of attorney, please consider the amount of risk you could be inviting into your life.

**PLATINUM Certified EQUATOR REOtrans users, which is a computer system that banks like Bank of America and GMAC use to facilitate short sale approvals.  REDCPro Realtor, Real Estate Default Certified Professional.   

We work with all banks, including Bank of America Short Sales, GMAC Short Sales, Ocwen Short Sales, City Bank Short Sales, Wells Fargo Short Sales, and more.  We love working with smaller banks as well to get short sale approval.