Kristen Brown
Homeward Real Estate
Office 813.441.0400    Direct 813.810.7196
Shortsales

Kristen's Short-Sale Forms

"Shortsale"

Definition: A short sale occurs when a property is sold and the seller's lender agrees to accept a less than what is owed on the seller's mortgage.

 
Example: If the unpaid balance of a loan is $200,000 and a property sells for $180,000, under a short sale the lender might accept $180,000 as payment in full.

  •   When should I start a Short Sale?
    It is best to begin a Short Sale when you realize you can no longer afford your mortgage. The reason for this is so that your property can be marketed properly and you can receive the highest offer possible.
  • How does a foreclosure versus a Short Sale affect my credit?
    Foreclosures show up on your credit report as "FORECLOSURE", and can stay on your record for seven years. This may make it difficult for you to obtain a new loan, it must be disclosed on job applications, etc. A Short Sale can be listed as "SETTLED DEBT", and is much less harmful to your credit.  Please consult a credit company for more information. 


 
WHAT NOT TO DO WHEN YOU'VE MISSED 3 MORTGAGE PAYMENTS

1.  Do not rely on a family friend to buy your house; the process could take 3-6 months. And the bank's will not allow you to short-sale your home to a family member.  On top of that, what if they change their mind or something happens and they can’t buy your home?
2.  Do not waste your money on an appraisal just to see what the value of your home is. Values change every month in this market, it would be a waste of your time and money. Don’t do it!
3.  Do not hire an agent who is not informed on the short sale process!  Most Agents are not doing them because they’re a lot of work and there’s no guarantee they’ll go through.  If an agent wants to do your short sale, they genuinely want to help. Period!
4.  Do not let your property sit on the market 2 weeks without an offer! Often times the bank will not even look at your file without an offer. If it’s been 30 days and you still don’t have an offer, this means you are not negotiating with the bank yet… and time is ticking.
5.  Do not sign with an agent that says “I can get you more money.”  The short-sale market is what it is. Getting more money for the property has very little to do with getting the short sale approved.  In a short sale, price your property where it needs to be according to the market and prove to the bank that this is where it needs to be!
6.  Do not try to “sell it yourself”!  You’re wasting your time!  You need a buyer, 2-3 buyers, you need to hold on to those buyers and… try to negotiate the short sale. Just hire a professional.  It’s a totally different ball game.
7.  Don’t wait until the last minute to hire a real estate agent to do a short sale. Short Sales can take 3-6 months and we need that time to try and get it done. Call as soon as you get the “Notice of Default” or better yet, before you've missed 3 payments.
8.  Don’t concentrate on one form of negotiation, banks take forever to render a decision. And remember you have to qualify for re-payment plans or modification plans and if you know you may will not qualify...
9.  Do not procrastinate! Once you get a notice of default, find a solution quick. Let the professionals handle it. It’s less stressful if you hire an experienced professional to handle this type of emergency.
10.  Do not Deed the Property over to your spouse.  If they’re not on the “Title” that’s a “Red Flag” for the bank; needless to say, the loan is still in your name. Also, banks will not sell to anyone who is considered “Arms Length” (no family.)  You must find a buyer.
 
 
YOU ARE NOT ALONE.  A growing number of Tampa Bay residents are facing the same dilemma.  Recapture your sense of hapiness and let me help you through this confusing process.
 

Make use of the Short Sale Forms at the top of this page and call Kristen today to help.


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Homeward Real Estate
4045 Henderson Blvd. • Tampa, FL33511 33629
Office 813.441.0400 • Direct 813.810.7196
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