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What is a Short Sale?
A short sale is a situation in which the home seller owes more money to the lender on the loan than the sale of the property will likely produce, and the home seller is unable to bring money to the closing. In a short sale, the lender has not yet foreclosed on the property, which provides a window of opportunity for the home owner to sell the property in order to partially repay the lender what is owed. By accepting a short sale, the lender(s) are able to avoid the lengthy and costly foreclosure process and the home seller is able to save their credit from a foreclosure.
What Circumstances Should I Consider a Short Sale?
- Having trouble making your mortgage payments
- Missed payments with a Foreclosure date looming
- Your loan is worth more than the property's current market value
- Financial hardship - (i.e. job loss, death in family, divorce, etc.)
What are the Benefits of a Short Sale?
- Getting your home sold without the stress and credit damage of a Foreclosure
- Satisfies the debt you owe to your lender(s)
- No Auction's, Sheriff Sales, etc.
How Much Do You Charge the Seller to do the Short Sale?
Since you are likely in a position of being cash strapped and are considering the short sale method to sell your home, we never charge you any out of pocket, broker administration, or other fees. We are only paid by the bank and only when the home is sold and closes. After the proper forms are signed and sent to the lender, we are the point of contact to get the short sale approved and the home sold. We deal directly with the lender on your behalf.
What Will My Lender Think of My Short Sale?
Lenders are looking to work with you and us on the short sale of your home to limit loss on your loan through Foreclosure. If you have a true financial hardship and complete the necessary paperwork with our assistance, your lender will me more than willing to work with you on the non-foreclosure sale of your home.
If I am not deliquent on my loan, can I still do a short sale?
Possibly? Some lenders will accept a short sale even though the loan is current; others will require that it be deliquent before approving the short sale method of selling. At no cost to you, we can put your short sale file together and send it to the lender for approval. This is the only way to know if the lender will accept short sale on a loan that is still current.
In addition to my primary mortgage, I have a second mortgage too - is short sale possible with two mortgages on the home?
At the end of the day, neither lender wants to own your home through Foreclosure, so the answer is yes. We will work with both lenders to cooperate on the short sale of your home on your behalf.
My property needs work before it will sell; can I still do a Short Sale?
Yes. Lenders are very motivated to do Short Sales on properties that need fixing up as they know the risk of loss goes up when they foreclose on a home in need of much TLC.
How do I get started on a Short Sale of my home?
You can call or text me at (507) 202-0995 or email me at: bryan@olmstedproperties.com to set your initial 20 minute no cost no obligation appointment. There is no charge to start the process and you can stop at any time. Again, when your short sale is approved, the lender pays all of our fees at closing, you pay nothing. Call or email us today!
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