Joe Stanley CSP, SFR & Pat Holbert SFR
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We buy houses - Short Sale Information
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We buy houses fast. Avoid foreclosure. We specialize in short sales. See if you qualify without obligation. Joe Stanley: 816-215-4954 Pat Holbert: 816-215-4934 | What is a Short Sale?
A Short Sale generally is a better solution for the homeowner and the lender. The lender will receive the best price for a quick sale at current market value. The borrowers get their credit score improved and generally get relief from possible future legal actions and deficiency judgments.
Short Sales occur when homeowners/borrowers sell their property for a sales price less than the amount owed to their mortgage company/lender(s) after all sales expenses, including title search and brokerage fees, are taken into account. In order for the short sale to take place the lender(s) must accept a discounted payoff; meaning the mortgage company/bank(s) are paid less than the full loan amount owed. In a short sale, generally the homeowners get complete relief from all of their mortgage debt.
The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating will almost immediately improve because your credit report shows that your mortgage was paid in full.
What are the Benefits of a Short Sale?
When a Short Sale is achieved, there will not be a foreclosure.
- Protect your credit. Foreclosure damages credit ratings for up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.
- Contact us, to see if you quality for a short sale, there is no charge to find out if you qualify.
- With most short sales we and our associates negotiate with the bank(s) or mortgage company(ies) and the homeowner will be relieved of possible future headaches. Investment properties can be sold as a short sale.
Hardships are shown below.
- Reduced Income or Unemployment.
- Inability to work due to health reasons.
- Separation or Divorce.
- Medical Bills.
- Business Failure.
- Death of a Spouse.
- Adjustment in mortgage payment or unforeseen increase in your monthly expenses.
- Any other circumstance that hinders your ability to repay your mortgage.
What Happens If a Short Sale is Unsuccessful?
The result is the same: A Foreclosure. Our goal is for you to avoid foreclosure, which will affect your credit more than a short sale. Generally a foreclosure is one of the most damaging occurrences in a credit history. Most likely you will miss mortgage payments through the course of a short sale and this will show on your credit history. But at the end of the day, when your short sale is completed, your credit report will show that your mortgage has been completely “satisfied” and typically your credit score should almost immediately rise by 65 points.
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Featured Listings
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A wonderful opportunity to own a completely remodeled 3 bedroom, 2 bath home. New slate entries, new ceramic tile kitchen floor, new carpet though out home and new interior paint. Priced for a fast sale. There is still time for FIRST TIME BUYER'S TAX CREDIT. Huge fenced lot, 12' x 10' storage building with concrete floor. Big privacy fenced yard. Highly rated Raymore and Peculiar school district.
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