Sell by Short Sale
Our team is ready to help you and our help is free to you. If you have a reason that you can't pay your mortgage now or in the future, you have a hardship and your lender wants you to do a Short Sale because they don't want to foreclose. BUT PLEASE HURRY, TIME IS NOT ON YOUR SIDE!
Who We Are
The way that we have become the #1 Short Sale agent team in Georgia is that we have a specific and precise process that markets your home. We then only take reasonable buyers who are ready, willing and able to perform in buying to your lender. We are unique because we partner with a law firm who negotiates and handles that process with your lender. This law firm, unlike most, represents you in the transaction. Because your lender wants you to have representation because they don’t want to deal with you directly, your lender will pay our fees and the attorney’s fees.
We also use a proprietary system that updates what is going on with your lender or showings. You will log in to a web page that we make for you to get your updates.
So here are the answers to the questions that you should have answered about a short sale before you attempt one with your lender(s).
To perform a short sale, you have to have 2 things:
- A hardship that can be proven as to the reason that you can no longer pay your mortgage and
- A buyer. If you have those 2 things, your lender wants you to do a short sale and they may even pay you to do one. They don’t want your home on their books!
The steps to a short sale are:
1. Continue to do whatever you have been doing – not paying your mortgage, paying your mortgage, living in the home, etc…
2. Get your home listed ASAP to show the lender that you are serious about getting rid of the home and finding them a buyer to take it off your hands.
3. Clean up to attract a buyer. Only clean up, don’t spend money, as the lender does not like for you to do that.
4. Get an inspection from our inspector if there are repairs that the lender needs to know about so that we can send in a professional’s opinion of the condition.
5. Take good photos or hire our photographer to take good photos. Good photos are the difference in us having a lot of buyers to choose from.
6. Start preparing your hardship package
7. Stop paying your mortgage or continue to pay – your choice. Depending on whom and what kind of mortgage you have, you may be required upon approval to be behind.
8. Get a buyer and sign the contract (only when we instruct you that we are willing to send this buyer to the lender.) Again we are extremely picky about who we present to the lender.
9. Wait for an approval – this can take up to 60 days.
10. After we have approval, you will be closing within 25 days so you will need to move if you have not already.
11. You will not have to attend the closing, they can do a mail-away or you can go in early and sign your portion.
The benefits of a short sale to you are:
You will owe the lender no more money unless you agree.
If the home is your primary residence, you will not owe the IRS if you close by December 31, 2013however there have been some new updates to the IRS tax code that may benefit you the same as the old relief act.
Your credit score will drop slightly but you will be able to purchase again within 2 years – some people are able to purchase immediately.
Your credit will not have the mark of Foreclosure, which can be devistational to future employers, landlords and lenders.
So the next thing to do is get your property listed. What day can you do that? Get An Appointment to Get Listed Now
We can list your home as a Short Sale anywhere in Metro Atlanta including Banks, Barrow, Bartow, Clarke, Clayton, Cobb, Cherokee, Dawson, DeKalb, Fannin, Fayette, Forsyth, Franklin, Fulton, Gilmer, Gordon, Gwinnett, Habersham, Hall, Hart, Henry, Jackson, Lumpkin, Paulding, Pickens, Rabun, Stephens, Towns, Union, Walton and White counties.
THIS IS WHAT WE DO FOR YOU...
Rhonda, I have to mention, this package has to be the most complete package and organized package I've ever come across. You did a great job and are very consistent. You've got my stamp of approval!
-Arden Banks at Chase Home Mortgage
What are the benefits of a short sale versus foreclosure?
Short sales damage your credit far less than a foreclosure and for less years. Most lenders state that you can purchase again in 2 years with a short sale. Foreclosure prevents you from buying for at least 7 years and maybe longer as it is harder to recover your overall credit.
You will most likely be cleared for a balance due or judgment by the lender with a short sale but you will be responsible for negotiating this with your lender when we get to that point. If you are shorting a FHA or VA loan, you may or may not be asked for cash at closing. If you are shorting a conventional loan, you may be asked for up to 3 months of payments or a promissory note. This is negotiable with the lender and you will be doing that after you get a buyer and have submitted your package to the lender. With a foreclosure, you are pursued for the balance plus penalties and fees and the collection agencies are relentless and brutal.
You can remain in the home until it is closed with a short sale. The average time to close after you get an offer is 4 months.
Short sale sellers report that they feel better about doing the" right thing" by helping the lender resolve the problem.
Some types of loans, will give you some moving money at closing - FHA up to $1000.00 and HAFA loans up to $3,000.00
These are just some of the benefits that should not be overlooked. BUT it takes the right training by an agent to get the job done in securing a buyer and keeping them in place as there is a danger of you attempting a short sale with wasted time and then you are forced into foreclosure due to a failure of the process.
A successful Short Sale takes a delicate agent expertise and precise process.
Do you qualify for a short sale?
It takes a hardship that your lender feels qualifies to their standards to do a short sale. Hardships include but are not limited to:
- medical bills
- loss of job
- loss of rental income
- death in the family
- your adjustable rate mortgage has reset and you can not longer afford your payments
- you are upside-down in your equity versus what you owe on your mortgage
- crime in neighborhood
- can't afford house
What is required to do a short sale with your lender(s)?
- You must have a hardship.
- A hardship letter stating your case (we have example letters) but you will write the letter.
- Paperwork: 3 months of bank statements, 3 years of tax returns, any documentation supporting your hardship etc...
- You may or may not have to be behind in your mortgage to be accepted for a short sale.Those guidelines are lender specific.
- You may be asked to pay 3 months of payments either by cash at closing or by promissory note if you have a conventional mortgage and you will negotiate that with the lender.
- If you are shorting your primary residence, you will be given a 1099-C that will be excluded from taxes - see the IRS website. All investment or second homes will be given a taxable income report for the difference of Fair Market Value and what you owe.
What we do for you:
We utilize our experience to market your home to produce a buyer and then provide the lender(s) with your short sale package packaged precisely in hopes that we will get an approval to close. Our fees are paid by the lender.
There are only 2% of all agents who have been trained to do what we do and only 1% of all agents in the U.S. who do the volume of transactions that we do. We have a proprietary system of marketing that produces results for a large marjority of our clients.
What are options before foreclosure?
1. If you want to stay in your home long-term, you should ask your lender if you qualify for a loan modification. You can not do a loan modifcation while in a short sale.
2. If you want to sell the property and remove the debt owed to the lender, you could consider a short sale.
3. You could simply foreclose.
Hire us now to get started!
What it takes to do a succesful short sale:
1) Pricing: not too high - not too low.
2) Marketing and more marketing.
3) A short sale strategy for negotiating with a buyer that you only get after many, many deals.
4) Detailed, meticulous communication of facts provided to the lender(s).
6) Communication that keeps the buyer in place for the lender(s) final approval.
7) A team of agents that work on your behalf, at least 40 hours per week when you get an offer to continue to receive offers and keep the buyer in place.
Not all agents are a like when it comes to short sales, don't be fooled just because an agent says that they know how to do short sales. You need documentation of their credentials and how many short sales they have successfully closed as the listing agent. Anything short of 25 is too short! We do far more than that in a quarter of the year.
Rhonda Duffy is the ONLY Elite Certified CDRS Short Sale Specialist in Georgia
FACT: Only 25% of Short Sales close due to the Scattershot approach used by most agents who are not properly trained. The truth is that most agents who are attempting short sales both on the listing and buying side have NO training and if they have some training it is simply not enough training. The short sale process requires an expertise like no other.
~ Michael Spickes - Leading Expert in Short Sales
Some of Rhonda's Short Sale Homes For Sale in Metro Atlanta, Georgia
We do short sales in Acworth, Alpharetta, Atlanta, Ball Ground, Buckhead, Buford, Canton, Conyers, Covington, Cumming, Dacula, Dallas, Decatur, Douglasville, Duluth, Dunwoody, East Cobb, Fayetteville, Johns Creek, Kennesaw, Lawrenceville, Lilburn, Loganville, Mableton, Marietta, Milton, Newnan, Norcross, Peachtree City, Roswell, Sandy Springs, Smyrna, Snellville, Sugar Hill, Tucker, Vinings, West Cobb, Woodstock