Short Sales
What is a Short Sale?
In today’s economy, property values have declined so much that many homeowners who are suddenly struggling with unmanageable mortgages are not able to sell their homes for what they owe.
In a short sale the bank agrees to discount the mortgage on the property in order for the home to be sold for less than what is owed on it. The seller benefits because it allows them to get rid of a large debt they cannot pay, and helps to restore their credit. The bank benefits because they don’t have the enormous expense of foreclosing on a property and they also get rid of a non-performing loan. Finally, the buyer benefits in a big way because they get to buy a property at below market rates!
How it works:
The Short Sale process usually takes from 3 – 6 months to complete. The banks are currently overwhelmed with the number of properties they are managing and sometimes the transactions are incredibly complex. There is an enormous amount of work that takes place from our standpoint just staying on top of the negotiations and addressing and resolving all the issues as they arise. Usually by the time you come into the process we are about half way there so while there is some delay, the savings are well worth the wait!
We have been negotiating short sales with the Banks now for several years. This gives us the advantage of knowing the process, the requirements of many of the banks, and since we have a track record of consistently completing these difficult and involved transactions we have a good reputation and strong credibility with the banks. We have many testimonials from sellers, buyers, and other professionals within the business who will vouch for our competence and integrity.
There are two main options available to buyers:
1. You buy the property from us once we have successfully negotiated the short sale with the lender. In this situation you would need to purchase the property for cash or with hard money. Some of our experienced mortgage brokers can help you find mortgages with lenders who do not have seasoning requirements (namely with lenders who do not require us to own the property for 3-6 months). These types of property usually need a fair amount of renovation. For this reason we were able to buy the property at a steep discount and you, as the buyer, realize big savings on the cost of the property.
2. We often are approached by homeowners to negotiate with the banks so that they can sell their homes. These properties generally don’t require as much in the way of renovations but you will still realise substantial savings on the cost of the property once the negotiations are completed. In this scenario you purchase the home directly from the homeowner contingent upon the Bank’s approval. You can purchase the property for cash or with a traditional mortgage.
Contact Us:
If you would like the opportunity to buy a short sale property from us, please fill out the form below to let us know what you are interested in, and we will contact you to discuss your options. Some of our properties are listed on our website, but we don’t list many of them until they are further along in the process.
If you are a seller and would like us to help you negotiate with the banks get a short sale approved for your home, please contact us. I’m sure we can help! Either call our office or fill out the Contact Us form and we will get back with you. Please note: all inquiries are strictly confidential and we will never share your e-mail or personal information with anyone!
Phone: 508-259-3987
Fax: 978-236-7225
Email: info@alphahomesolutions.com
A brief phone conversation with us may actually be life-changing! We look forward to assisting you!
Contact Us TODAY!