VERMACE Realty
400 1st Avenue, Suite #14, Coralville
Email: Vermace@Vermacerealty.com

319-339-7721

"Straight Talk ~ Solid Service"

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                   Short Sale
        It might just be the answer to your problem

With the recent slowdown in the real estate market, you may find yourself in need of dire help. With so much information to absorb and so little time to do it in, you might find yourself overwhelmed. Let us help you determine if a short sale is right for your situation.

     * Behind on your mortgage?
     * You owe more on your home than it is worth?
     * Unable to get anywhere with your lender?
     * Concerned about having a foreclosure on your credit?

If you said yes to any of these questions, we can help you out as "experienced" short sale negotiators.
Short Sale Questions?
Just Ask!
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Are you no longer able to afford your home? Perhaps you realize that even with a financial miracle your income situation has changed to such an extent that you can no longer afford the home - not just the mortgage. Sure, you might have tried on your own to sell the home for enough money to pay off not only the mortgages that are currently outstanding on the home but also to cover the expenses with the sale of such real estate property. Considering the softening of the real estate market, the odds are good that you have failed.

A short sale may be the answer to your problems! In such an event the lender agrees to forgive the portion of the mortgage payoff that is not covered by the sale price. Here is the short sale lowdown:

     * You owe $225,000 on your home and can no longer afford the payments or the home itself,
     * Your mortgage falls behind and is entering a pre-foreclosure period.
     * You list the property for sale with a Realtor to include the stipulation that the sale is pending third party
       (your lender) approval.
     * Interested buyers make offers that are submitted to you. If agreeable, offers are sent to the bank for
       their approval. For example, in the above example an offer may come in at $175,000. The offer is
       submitted to your lender on your behalf, requesting forgiveness of the outstanding $50,000.

The odds are good that the lender will accept this short sale and agree to the $50,000 loss. While this might appear magnanimous on the lender's part, it is actually a very shrewd financial consideration. After all, bad loans look bad on the books and the lender knows that you are a far more motivated seller who will stage the property and do everything right to squeeze out the maximum amount of profit from the short sale. At a foreclosure auction, the same property is likely to fetch a lot less and thus the actual loss may actually be even higher if the lender were to insist on foreclosure instead of consenting a short sale. Add to this all the fees and time associated with foreclosure proceedings and auction sales, and it makes perfect sense for any lender to favor a short sale any time.

Borrowers will have to give up their home, but they will come out of the transaction much better off than a foreclosure as far as the credit report and FICO scores are concerned. After all, a foreclosure is a serious problem on a credit report whereas a short sale appears as a mortgage payoff. Of course, getting the lender to agree to the short sale in the first place requires serious, experiencing negotiating which is where we come in. And our services won't cost you a penny! We don't charge upfront or on the back end; our fees are paid upon successful negotiation and sale of your property by your lender.

Contact us at 319-339-7721 or submit the form above to learn if a short sale would be a viable option for you.