What is a Short Sale?

What is a Short Sale & Why Should It Be An Option?
A Short Sale is when we list your home at a price reflective of the comparable sales of other homes in the area and in doing so obtain an offer at today’s value and then submit to your lender(s) and ask for them to take a “short pay”.

Will it save my credit?
Nobody really knows how it will affect your credit because it all depends on the requirements of the end person reviewing your credit. In general if you are not behind on payments or early in your missed payments, the missed payments will be less of an impact on your credit. A Foreclosure is one of the worst items that can be on your credit and may be on your credit for 7 years. Depending on how the lender reports your short pay, ie a “settled for less than owed” or “settled” may be less impact than a Foreclosure. We believe anyone going through a Short Sale or Foreclosure needs to take Consumer Credit Counseling to learn steps to re establishing their credit for the future.“Fair Credit Reporting Act allows the legal action of foreclosure to remain for 7 Years from the date of filing.”

What are some of the benefits?
A sense of pride that you attempted to work out your situation in the best possible way is one we hear from clients. Less stress from the constant collection calls from the lender(s). More time in your home possibly to create a better plan for moving. Your home remains vacant less than it would as a Foreclosure (important if you have friends and relatives in your neighborhood who would be impacted by your home being vacant). Possible Relocation Payment**

What are some of the challenges?
The long time lines associated with Short Sales. The amount of required paperwork the lender requires. The banks are not required to agree to a Short Sale. Agents are reluctant to take Short Sales because of the amount of work it requires.

Our Solution
Bankers Realty Services, Inc. provides Short Sale representation to Sellers in the manner we represent clients every day, with respect and honesty. We will tell you up front what we need to complete your Short Sale and provide you weekly updates at a minimum. Your home will be marketed just like our regular listings with extensive internet marketing, full color flyers, multiple photos and more. We do not market the house as a Short Sale to the public (no pre foreclosure signs etc) and will disclose the Short Sale status only as a pre curser to potential buyers putting in the offer and in the MLS as required. We will keep you up to date with legislation that may assist you with Relocation Payments**.

Contact Bankers Realty Services for a confidential consultation and information package
(954) 302-1100 ext. 102

*Relocation Payment of $1500 Proposed as part of Making Home Affordable Program Not meant to solicit existing listings, please disregard if you are presently listed

Homeowner’s Assistance Foreclosure Line
Ph. 1-888-995-HOPE
Website: www.995hope.org

US Dept of Housing & Urban Development
Ph. 1-202-708-1112

Fair Housing Administration
Ph. 1-800-Call-FHA
Website: www.FHA.gov

HUD- Approved Housing Counseling Agency
Ph. 1-800-569-4287 9am-5pm EST
Website: www.HUD.gov

Making Home Affordable Program
Website: www.makinghomeaffordable.gov