If you are underwater and potentially at risk of losing your home, now is the time to sell.
Sellers who think they are out of options can benefit from this dynamic real estate market. As a Short Sales and Foreclosure Resources (SFR®), Rugen Realty has the advanced knowledge and education in distressed property transactions.
By evaluating an individual’s situation, we can recommend finance, tax, and legal specialists, suggest foreclosure avoidance assistance, prepare you for time frames for lender
approval, as well as guide the transaction from start to finish.
What is a short sale?
The simplest definition of a short sale is that the current borrower owes more money on their property than what the property can sell for on the public market. A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.
A short sale does not necessarily mean that the homeowner is behind in their payments. A property can be classified as a short sale even if the borrower is current in their payments.
In most cases, the difference is forgiven by the lender, however in some instances the homeowner must make arrangements with the lender to settle the remainder of the debt.
Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Do you feel your home may potentially be “under water”?
Considering selling your home short?
We understand the mere discussion of a potential short sale can be unsettling.
We promise that our consultation will remain confidential. Our goal is to present to you as many options as possible given your current situation.
If you think you may be in a potential short sale situation, than contact us today to schedule your consultation.