Short Sales, How They Work

How Short Sales Work: 

How Short Sales Work It’s very important for you to deal with an EXPERT , someone that is well versed in financing and banking, as well as real estate. Giving the situation of the housing market; Everyone and their brother now a days is a specialist. You want to deal with someone that has done 40 or more short sales, works the short sales themselves and does not contract them out to 3 rd party vendors; law offices and title companies etc.

PowerPoint Presentation: 

What is a Short Sale? What are your options to foreclosure? What are the negatives to a short sale? What are the positives to a short sale? How does the process work? What documents are needed to complete a successful short sale?

What is a Short Sale?: 

What is a Short Sale? A short sale is the sale of a property in which the proceeds are not enough to satisfy the mortgage(s) against the property. The lenders accept an agreed upon price that is less than what is actually owed on the mortgage(s) & in most cases forgive the remaining balance.

What are the options to foreclosure? : 

What are the options to foreclosure? 1. Loan Modification: (80% Failure Rate) Homes Affordable Modification Program or (HAMP) 2. Repayment Plan: (Work Out New Terms to Pay Mortgage) 3. Deed in Lieu: (Still a Foreclosure) 4. Short Sale: (Home sold, Credit is Saved, & Balance Forgiven)

What are the negative aspects of a short sale?: 

What are the negative aspects of a short sale? 1. Impact on overall credit: damage is short term & minimal. (6-12 months verses 7 to 10 years with a Foreclosure.) 2. If a Short Sale is not completed within the foreclosure time frame you could end up with a foreclosure on your credit. (worst case scenario) 3. There really are none… In the over all picture, if things are done properly you will have a successful short sale .

What are the positive aspects of a short sale?: 

What are the positive aspects of a short sale? 1. Benefits Seller (Keeps Credit Intact) 2. Good for the Community (Stabilizes Values) 3. Good for the Banks Short Sale is Good for everyone.

Short Sale Time Line of The Michigan Foreclosure Process: 

Short Sale Time Line of The Michigan Foreclosure Process

How Does The Process Work? (In Simple Terms): 

How Does The Process Work? (In Simple Terms) 1. We notify the Bank of our intent to initiate the Short Sale process (day1) 2. We market your property for sale (day 1-30) 3. We find a buyer 4. Sign an offer, collect documentation required, and Submit to the Bank 5 . Bank orders a BPO (Broker Price Opinion) or Appraisal 6 . Bank decision (within 6 weeks, typically) 7 . Approval from Bank 8 . Closing

Documents Needed to Complete a Successful Short Sale : 

Documents Needed to Complete a Successful Short Sale 1. Hardship Letter: (Briefly states what has happened, when it happened, and why it has caused you to be unable to pay on your house) 2. Tax Returns 3. Recent Pay Stubs, Unemployment letter, or other proof of income. 4. Bank Statements 5. 4506T Form: (IRS Tax Document) 6. Financial Worksheet: (Monthly Break Down of Income in & Expenses out . i.e. Gas, Electricity, Car Insurance, etc.) Do not be concerned if you do not have some of the documents above, as each Short Sale is unique & differs.

Contact Information: 

Contact Information If you have any questions or need more information feel free to reach out to… Sean Timothy ; I am working for you. Premier Advantage # 800-524-2183 Office # 586-739-4451 Visit our website: www.WeGetHomesSold.com Also visit: www.YouTube.com/ShortSalesWork