Do you owe more than your home is worth? Are you facing foreclosure or, worse, bankruptcy? Do you want to save your credit and AVOID Foreclosure
Avoiding Foreclosure Is Possible
Before you give up and think that letting your property go into foreclosure, and/or file bankruptcy, are you only options, learn what possible consequences you may be faced with and why a Short Sale may be the right option for you. You CAN avoid foreclosure, save your failing credit, and sell your home. Lift the financial burden that is weighing you down and let us help you know your options.
Don't Wait To Get The Help You Need:
Many people have heard the term short sale, but don't necessarily know what it means, and think that it is going to cost them money they don't have to hire someone to negotiate with bank. That is not the case, when working with The Cascade Team we do not charge you any up front fees and will help you sell your home and negotiate with the bank on your behalf. Once we submit an offer to your lend, most times they decide that selling the property at a loss in a Short Sale is better than pursuing a more costly foreclosure and or bankruptcy.
What Is A "Short Sale"?
In real estate, a short sale is a sale of a home or property in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to take a reduced amount on a loan balance, due to an economic or financial hardship on the part of the mortgagor. Many times, it is a great solution to avoiding foreclosure and to get out from underneath a property that is creating a financial hardship to maintain. To get more information, contact our office and ask to speak with one of our Certified Distressed Property Experts (CDPE), or fill out the contact form at the bottom of this page. We would be happy to discuss the short sale process with you and help you determine your options.
This short sale negotiation process is done through communication with a bank's loss mitigation department. The home owner gets a contract on the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. The net amount, after commissions and excise tax, is usually less than the outstanding debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Why Banks/Lenders Prefer Doing Short Sales:
Bank/lenders created the Short Sale process as an alternative to foreclosure and or bankruptcy. Your bank/lender will generally collect more of what is owed to them by doing a Short Sale instead of a foreclosure and or bankruptcy. Bank/lenders spend a great deal of time and money with attorneys to complete the foreclosure and or bankruptcy process.
A short sale is typically executed to prevent a home from going to the foreclosure auction, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing, as there are carrying costs associated with a foreclosure. A lender will typically determine the amount of equity, or lack thereof, by determining the probable selling price from a real estate Broker Price Opinion (BPO) or through a home valuation by an appraiser. The cost of taking of home through foreclosure is very expensive and most lender would prefer to negotiate a short sale and save the expense of completing a foreclosure action.
Why Work With Me As A "Short Sale Expert":
We are a FREE Service to the homeowner. Short sales are complex and very time consuming transactions. We work with a professional team to negotiate your Short Sale. When a Short Sale is being negotiated it is an 8 to 10 hours a day process. If a call is missed when a bank/lender returns a call, it could sometimes take weeks before you can get them back on the phone again. Most Lawyers and Realtors have never closed a Short Sale and they are not willing to spend 8 to 10 hours a day, 6 days a week talking on the phone trying to close your Short Sales. It is not worth their time or money. This is a full time job and it is what we do best.
How Much Does It Cost?: It is FREE...There is NO cost to the homeowner. We get paid directly out of the close of the Short Sale from escrow. You will always know that we are working hard for you, because we only make money when your Short Sale has been is successfully competed.
We Work Hard To Get An Approval Quickly: No one knows how long it will take to complete a Short Sale, but after we submit the required Short Sale package to the bank/lender, our average Short Sale approval and closing time is between 60 and 90 days.
How Do We Handle A Short Sale Transaction
The Cascade Team connects our clients with our in-house short sale department to work with you throughout the process. Because we are not attorney's or credit counselors, we always recommend that sellers discuss the process with an attorney to discuss the impacts of a short sale, credit implications, concerns regarding deficiencies, etc. In addition, our short sale team will work with you to ensure all the information required by the lender when evaluating a short sale is submitted to the lender with the purchase and sale contract. Because the selling price yields an amount less than what is owed to the creditor, all closing costs are absorbed by the creditor and there are no out of pocket costs to the seller. The Cascade Team Real Estate utilizes our same aggressive marketing strategies to obtain an offer as quickly as possible and turns that over to our short sale negotiating partner to begin the process with the lender.
Advantages For Our Short Sale Clients
As a seller working with The Cascade Team on a short sale transaction, you will receive the following benefits:
Leading edge software program to manage the process and submit a complete package to the lender, which helps expedite the assignment of a negotiator.
You get the same aggressive marketing program to bring in an offer as quickly as possible.
You have our short sale team following up on a regular basis with the lender and negotiating on your behalf.
You will have your real estate agent as a trusted resource to walk you through the process.
We are licensed agents and utilize a law firm for negotiations. This is very important, as some negotiators are not attorney's, nor do they carry a real estate license. In addition, many negotiators pass their fees along to the buyers, which deters them from making an offer on your home. Our negotiator works with the lender to pay the fee and the buyer is never stuck having to pay to purchase your house.