We Are Your Short Sale Professionals!

 

With the down turn in the real estate market, Leading Edge Realty has taken the initiative to provide service for home owners who may not be in a perfect financial situation.  Whether you are behind on your mortgage payments, owe more on your home than what its worth, have an adjustable interest rate that is about to re-adjust or even facing foreclosure, we are here to help you.

 

If you owe more than your home is worth, and don’t want to declare bankruptcy or face foreclosure, then a Short Sale of your home is the best option. A Short Sale does have potential tax implications and we always recommend consulting with a CPA or tax attorney before you decide to Short Sale your home.

 

What is a Short Sale?

A Short Sale is when a Lender (Bank) allows the Borrower (Homeowner) who can no longer afford to pay for their mortgage, to sell a property for less than what the borrower owes on their loan. In most cases the property is sold on the market for significanly less than the actual market value of the property which allows for a quicker sale!  Example: The borrower owes $400,000 on the loan but the Lender allows the borrower to sell it for $350,000, taking a $50,000 loss.

 

Why Does the Lender Allow a Short Sale?

Lenders allow Short Sales because the foreclosure process is very expensive, time consuming and in most cases it would cost the lender more money to foreclose a property than it would to Short Sale it.  A Short Sale is a method for Lenders to cut their losses allowing them to lose the least amount of money.

 

Why Should I Sell My Home by Short Sale Instead of Foreclosure?

A foreclosure can and will ruin your credit record for a very long time which will make it very difficult for you to purchase a new home in the future.  A Short Sale will allow you to sell your home, pay off your mortgages and remove the financial burden of your home without the long term damaging effects on your credit record as a foreclosure would have.

 

Will a Short Sale Effect My Credit Score?

In most cases, NO or it will have very ittle effect on your credit score!  But if it does effect your credit score it will be significantly A LOT LESS damaging to your credit score than a foreclosure would!  With a Short Sale, more than likely you will be able to purchase another home within one to two years after your home has been sold through a Short Sale.

 

Who Pays the Commissions and Selling Costs To Sell A Property By Short Sale?

The Lenders will decide on how much commission is paid to the real estate agents and they are also the ones who will be paying the commission, NOT the Borrower! In a nut shell, the lenders will pay all the commissions and selling costs, NOT the Borrower!

 

How Do I Know if I Can Qualify to Sell My Property Through a Short Sale?

There are several steps that you need to take and documents that are needed by your lender in order to qualify for a Short Sale on your home.  Leading Edge Realty will assist you and provide you with all the information you need to qualify for a Short Sale of your property. We will negotiate your Short Sale for you with your lenders and  provide them with all the documents and information they need to approve your Short Sale.

 

Will All Lenders Accept Short Sales?

Although most Lenders today will choose working with a borrower in a Short Sale versus foreclosure, there is no guarantee that the lender will approve a Short Sale. 

 

How Soon Should I Decide on Whether or Not I Should Sell My Home Through a Short Sale?

Simply put...The sooner the better!  You can decide to Short Sale your home even before you receive a deliquent payment notice from the lender!  If you know for sure that you will not be able to make your mortgage payments on a continued basis for any reason, deciding to do a Short Sale early in the stages will work toward your benefit. 

 

Don't wait until its too late and your home is just about to get foreclosed!  Don't wait for the delinquent payment notice to arrive in the mail!  You absolutely MUST be very pro-active about your financial situation with your mortgage so that you can control your finances before it controls you!  Even if you have the slightest idea that you will not be able to afford your monthly mortgage payments anymore, contact Leading Edge Realty and your lender right away so we can provide you with some different options to help your situation.

 

How Can Leading Edge Realty Help Me With Selling My Home Through a Short Sale?

Short sales are a very complicated and is a time consuming process.  There is a lot of paperwork and negotiating involved between the potential buyers, the borrower and the lenders. Leading Edge Realty has Short Sale Specialist Real Estate Agents who only do one thing...Short Sales!  We have extensive experience working with different lenders and it is crucial to have an agent working for you who knows the Short Sale process inside and out.  Since lenders today are faced with an overwhelming number of Short Sales and Foreclosures, the paperwork that you provide to the lender must be 100% accurate and on time or they will not even consider your request for a Short Sale and your request will be pushed to the side.

 

Our Short Sale Specialists will do all the leg work for you.  We will make sure the lender receives all the necessary documents and negotiate the sale terms and conditions with the lender.  We will also list your home on the MLS and treat it as a normal, non Short Sale listing which includes an aggressive marketing plan, open houses, virtual tours and more!  Best of all,  since the lender pays for all the selling costs, you as the borrower do not have to pay any commissions for our service! We get paid by the lender, not by you the borrower!

 

Call Us Today For More Information on Short Sales!

As you can see the Short Sale process is fairly complex but our agents will assist you and streamline the entire process.  There is a lot more information and detail we would like to provide you with in regards to Short Selling your home.  Call us today and ask to speak with one of our Short Sale Specialists!  We can provide you with a FREE consultation over the phone!