M and M Realty Group has earned the SFR certification and knows how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
If you are planning to sell your home in the next few months, nothing is more important than knowing a fair asking price. M and M Realty Group would love to help you with a FREE Market Analysis. We will use comparable sold listings (comps) to help you determine the accurate market value of your home.
What is a Short Sale?
A Short Sale is when a Seller sells their home for less than the balance remaining on their mortgage(s). If the mortgage company agrees to a Short Sale, the Seller can sell their home and pay off all (or a portion of) their mortgage balance(s) with the proceeds.
A Short Sale is an alternative to foreclosure and may be an option for Sellers:
- That are facing a long-term hardship,
- That owe more on their home than it’s worth,
- That are not eligible to refinance or modify their mortgage(s),
- That can no longer afford their home and are ready or need to leave,
- That are behind on your mortgage payments,
- That are not been able to sell their home at a price that covers what they still owe on their mortgage(s).
What is the process for a Short Sale?
If the Sellers qualify for this option, the process is similar to a normal real estate sales transaction. The Sellers will work with M and M Realty Group to market and sell their home. At the same time, the mortgage company will also be working with the Seller and M and M Realty Group every step of the way to:
- Collect financial information and negotiate with other lien holders (i.e., your second mortgage company) if applicable,
- Set the sale price (based on current market value),
- Review acceptable offers,
- Agree to the terms of the sale once a buyer is in place, and
- Work with the buyer’s real estate agent and mortgage lender to finalize the sale.
In some cases, Sellers may be eligible to receive relocation assistance to use toward their moving expenses and to make the transition to new housing easier.
A Short Sale may take up to 120 days, but this could be shorter or longer depending on the Sellers specific situation. Each transaction is unique with its own set of variables and circumstances.
If the Sellers are unable to sell their home, they may be able to transfer the ownership of their property to the owner of their mortgage (also called a Mortgage Release or Deed-in-Lieu of Foreclosure).