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| SHORT SALE: The sale of a property where the purchase price is not high enough to cover the existing debt that is associated with the mortgage & fees attached to the property. It is “short” on being positioned to pay off the full balance. |
If you or someone you know might be in this situation, there may be Options available to save their credit and avoid foreclosure; without having to bring funds to closing. |
As a certified Short Sale Specialist, and Professional Situational Consultant, Thomas will sit down with you to determine your absolute best course of action. He will give you all of the facts to determine whether or not there is enough equity to do a traditional sale, or whether other options like leasing the property for a length of time would be the most palatable option for you. Perhaps selling the property is not right for your particular situation at all. Make the call to Thomas Ward today to find out all of your options.
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| How It
Works:
We schedule an Initial Consultation to determine if a Short Sale is the right course of action for your unique situation. Our office is located in Wellington, or we can come out to your home or office to do the appointment. If a Short Sale is the way in which we are going to sell the property: 1) We list and market the property utilizing all of our advertising efforts that we employ for a traditional sale. i.e., print, internet, MLS, yard signs, etc. 2) We work with you to complete the required forms and disclosure statements necessary in order to help us create the most perfect and complete short sale package to present to your lenders. We have everything you will need; and will guide you through the paperwork so it will be stress-free. 3) We market the property to obtain a written offer, scrutinize it to be sure all of the proper and legal disclosure forms are included 4) We create a relationship with the contacts at your lender's)' so that communication will be easy. 5) We submit the most detailed and complete short sale contract offer package possible to ensure that OUR properties receive priority over all of the many many short sale packages that the lenders are currently being flooded with. Having a skilled and thorough advocate working on your behalf is the MOST IMPORTANT element involved in getting the lender to review our packages ahead of all of the others. 6) We have attorneys skilled at closing Short Sales, on retainer. We work closely with the attorneys to get your questions answered, and get your property sold in the most efficient and timely manner possible. |
Q. When Should I Call?
A. It is best to begin a
short sale when you realize you can no longer afford the
mortgage, so that your property can be marketed properly and
you can receive a high offer. The earlier you start, the
higher our likelihood of success. We have negotiated short
sales that have already gone to foreclosure sale. Call
Thomas Ward at 561-628-SOLD to see
if you have enough time.
Q. Does It Cost Anything to Conduct a Short Sale?
A. A consultation to analyze your specific situation is completely FREE. If it is determined that conducting a short sale is right for you, there is absolutely no cost to you to utilize our services. We are licensed Florida Real Estate Brokers and Members of the National Association of REALTORS. Our duty is to serve you and help you out of your situation so that you can move forward with your life.
Q. How Long is the process?
A. Typically about 3 months start to finish. We work diligently to ensure the quickest turn around time possible.
Q.I have an Investor who says he can buy my house and negotiate a short sale with my bank- Is this okay?
A. There are many predators out
there right now looking to take advantage of desperate
people. This is very common tactic used by investors to try
to buy houses. Do not be suckered into this! You lose either
way! Why do they do this? Because they have nothing to lose,
they lowball the lender and if the lender accepts they get a
great
buy on a house. If it doesn’t go through, then you will
likely go to foreclosure and it doesn’t cost them
anything. Additionally, if it doesn’t go through you
wasted valuable time that you could have been using to get a
realistic short sale offer through. We know about all
of the scams - so please keep in good contact with Thomas
Ward to alert him of anyone who has contacted you.
Q. How does a Short Sale affect my credit?
A. Foreclosures show up as FORECLOSURE, and can stay on your record for seven years. Anytime you apply for a new loan or have your credit run, the foreclosure will show up and is usually a required disclosure you must make on most credit and job applications. A short sale is listed as SETTLED DEBT, and is much less harmful to your credit. Please consult a credit company for more information.
Q. What liability do I have doing a Short Sale?
A. In a short sale, it is possible
the bank could 1099 you for the difference in what you sell
your property for and what you owed. This means the IRS
could consider the difference as income, and you could be
taxed on that income. The bank might also ask you to pay a
portion of the difference back in the form of an unsecured
note, which is similar to an I.O.U. It is a negotiation, and
we employ tactics to have the bank consider the debt
settled.
In a foreclosure, your house is sold at an auction, which
typically causes the difference of the total amount you owe
and the foreclosure sale price to be much greater. This
means you have a higher potential tax liability.
Additionally, the bank may come after you for a Deficiency
Judgment. A successful short sale will eliminate a
deficiency judgment, minimize your tax liability, and keep
the foreclosure off your credit. The government has
recognized that the current situations in real estate are in
need of attention. There is
currently a Bill that needs to be approved by the Senate
that REMOVES the Tax Liability from the homeowner. We
are confident that this will be passed into law
shortly. But in the meantime - please consult with
your accountant for additional questions.
Q. What is my Next Step?
A. Call Thomas Ward at 561-628-7653 to make the first step towards moving on with your life. or email: sold@choiceplusrealestate.com
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