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Short Sales

While Short Sales were virtually unheard of only a few years ago, now the majority of banks and lenders are negotiating and closing these deals. They allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgages, as well as pay property taxes, maintenance fees and real estate broker commissions, thus allowing them to avoid foreclosure, and protect their credit rating.

Short sales are a very complicated Real Estate transaction and most agents are completely unaware of what the banks requirements are or how to negotiate with them. As a matter of fact the average realtor only closes approximately 15%-20% of the short sales attempted. Eric Pruitt has been specializing in short sales for a number of years and has gotten nearly 90% of his short sales approved.

What is a Short Sale?

Simply put, a short sale is a real estate transaction where the homeowner owes their lender more than what their property is worth and they need to sell. In a short sale, the lender must approve and accept less than what they are owed as full payoff (this means they may settle for $400,000, even if you currently owe them $500,000...even if the loss is hundreds of thousands of dollars).

A Short Sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at a market price. The borrowers get their credit restored and generally get relief from possible future legal actions and most deficiency judgments.

Short Sales occur when borrowers sell their property for a sales price less than the amount owed to their lender(s) after all sales expenses, including brokerage fees, are taken into account. In order for this to take place the lender(s) must accept a discounted payoff; meaning the bank(s) gets paid less than the full loan amount owed. In a short sale, the homeowners get complete relief from all of their mortgage debt.

The end result is your home is sold, the mortgage is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. Perhaps even better, your credit rating will almost immediately improve because your credit report shows that your mortgage was paid in full.

Are you facing a financial hardship that you know will decrease your income?

Are you getting behind on your mortgage and you're not sure if you can catch up?

Or do you just need to sell quickly but your home is worth less now than when you bought it?

If you are facing any of the situations above, and you think a short sale might be your best option, then read on. If you're still not sure and just want more info, then scroll to the bottom of this page and request a free copy of our article "The 9 Alternatives When Facing Foreclosure"

Don't worry. It's not your fault... You gotta remember, we've all had our ups and downs in life and a lot of other good people are also in the same tough spot as you.

We all agree that we're in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!!

You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.

It's sad but true! Did you know that nearly 80% of the homeowners nationwide who try to "short sale" their home will end up losing their home to foreclosure due to an uninformed or untrained agent?

Foreclosure vs. Short Sale


Issue
Foreclosure
Successful Short Sale
Future Fannie Mae Loan – Primary Residence (Effective May 21, 2008)
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
Future Fannie Mae Loan – Non Primary Residence (Effective May 21, 2008)
An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.
Future Loan with any Mortgage Company
On any future 1003 Application (Standard Loan Application), a prospective borrower will have to answer YES to question C, in Section VIII, that asks, “Have you had property foreclosed upon, or given title or deed in lieu thereof?” This will affect all future rates.
There is no similar declaration, or question regarding a short sale.
Credit Score
Score may be lowered anywhere from 250 to over 300 points. Typically, this will affect score for over 3 years.
Only late payments on mortgage will show, and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are being made.  A short sale’s effect can be as brief as 12 to 18 months.
Credit History
Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
A short sale is not reported on a credit history. There is no specific reporting item for “short sale.” The loan is typically reported as “Paid in full, settled.”
Security Clearances
Foreclosure is the most challenging issue against a security clearance, outside of a conviction for a serious misdemeanor or felony. If a client has a foreclosure, and is a police officer, in the military, a government employee, a security officer, or any position that requires a security clearance, in almost all cases, clearance will be revoked and position will be terminated.
A short sale, on its own, does not challenge most security clearances.
Current Employment
Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions.  A foreclosure, in many cases, is grounds for immediate reassignment or termination.
A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.
Future Employment
Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have, and, in most cases, will challenge employment.
A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.
Deficiency Judgment
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment Amount
In a foreclosure, the home will have to go through an REO process if it does not sell at auction.  In most cases, this will result in a lower sales price, and a longer time to sell in, a declining market. This will result in a higher possible deficiency judgment.
In a properly managed short sale, the home is sold at a price that should be close to market value, and, in almost all cases, will be better than an REO sale, resulting in a lower deficiency amount.

Don't allow this to happen to you!

I hate to say this about my fellow agents, but the majority of them that are "trying to help" have not been properly trained and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your 'short sale packet' and then just sit back and wait for a response! In the end, they simply don't know how to help you and you will become one of those "80%" that were not helped.

"Short sales are not easy!" ...unless you seek the help of an expert agent with a proven track record. I have been trained by a former Chief Loss Mitigator who is a career loss mitigator and asset manager with 20 years in the business (he is ultimately the guy at the bank who accepts or declines short sales). As well as being certified as a CDPE (Certified Distressed Property Expert) and a CSP (Certified Short Sale Professional).

I have successfully negotiated short sales for many families and as you can see from my recent approval letters below, we actually get the banks to say YES to our short sales. Before you agree to have an agent help you sell your home, ask him/her to show you just one short sale approval within the last 6 months... I doubt they can.

The best part is, my trainer, has taken his tips and tricks from working INSIDE THE BANK and taught my team and I exactly how to ethically BEAT THE BANK... nearly 90% of the time!

Now it's up to you... I am ready, along with my team of experts, to go to battle for you. Are you ready to take a serious look at your options and see how a short sale can help you:

  • Avoid paying TAXES on the money the bank loses at foreclosure! (Yes, you may have to pay taxes on the amount of loss to the bank if the home goes to foreclosure!)
  • Save your credit from the "Foreclosure" ding
  • Avoid Bankruptcy
  • Avoid Foreclosure
  • Relieve the stress that this financial burden has become
  • WITH NO OUT OF POCKET FEES OR ANY UP FRONT COSTS OF ANY KIND! …or in other words, you pay me nothing and if I do my job and save you from foreclosure, only then will I get paid by the lender! Not all agents can do a short sale and not all people qualify for our help. I am here for you if your situation meets the following criteria:
  • You have a valid hardship
  • You have little or no equity in your home
  • You are unable (or soon will be unable) to pay your bills on time
  • You want to work with an expert
  • You are being relocated because of a job transfer or loss


Is This Foreclosure Epidemic Almost Over?

 If you think that short sales and foreclosures are becoming a thing of the past, please watch the important video below.
CLICK ON
VIDEO TO START →
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Watch CBS Videos Online

 CLICK ON VIDEO TO
← START

If you are thinking about doing a short sale without a Realtors help, you may want to reconsider…

Please watch the video below. Short sales and loan modifications require the same procedures to be successfully completed. If you are thinking about doing it yourself, you may want to watch the video below:

Watch Video on Short Sales & Loan Modifications.
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If you're not sure and just want to find out if you qualify, give me a call and I will walk you through your options. Believe it or not, you may just need help getting a temporary reduction in your payments to 'catch up'. In any case, call me to talk about the several options that you may not be aware of.

If you don't know what else to do and you don't call me at 1-561-775-7333, what will it cost you in damaged credit, frustration and stress? I know how you feel and I can help.

Sincerely,

Eric Pruitt

1-561-775-7333

EP@ericpruitt.com

P.S. Don't let the lender's abusive scheme take advantage of you and cause you to lose your home to a foreclosure auction! Save your credit and have peace of mind dealing with an expert.

P.P.S. If you are still not sure, call my free recorded message by dialing 1-800-983-3151 and press 4111. Just listen in and see what I can do for you.

Still Not Sure?


First Name:

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At the very least, let me give you some information about your alternatives. The last thing you want to do is go through the foreclosure process. It's draining emotionally and psychologically. And you certainly don't want to face it alone. I've prepared a document I'd like to send you that details out in simple to understand terms what alternatives you have along with their pros and cons. If you're not ready to call me and let me help you, at least let me send you this information so you can be better informed on your options. I ask for your phone number because I will occasionally call people I've sent the information to for their feedback.

Keller Williams Realty Of the Palm Beaches 2901 PGA Blvd., Suite 100, Palm Beach Gardens, FL 33410
561-775-7333.

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