The Delgado Group's Short Sale List & Sell Plan

Are you in the market to short sale your home?  The Delgado Group’s “Short Sale List & Sell Plan” is simple & effective way to short sale your home and avoids foreclosure.  The Delgado Group's Short Sale List & Sell Plan is just that, a plan designed to help you not just list your home , but actually SELL your home.  The Delgado Group has been selling short sales for over 4 years and has one of the highest closing ratios in the industry.  The Delgado Group closes 77% of sellers who qualify for short sales where the average closing rate is fewer than 25%! 

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What is a Short Sale?

What is a Short Sale?

A short sale is a sale of real estate 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 discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure, 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 that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.

Short Sale FAQ's

Q: Is a Short Sale a "short" transaction?

A: The Short Sale process is an extensive process.  With an extensive process, you have longer time frames to close.  On average the Short Sale process takes anywhere from 3-6 months in most cases.

Q: As a seller do I pay any real estate agent commissions?

A: The answer is no.  When you are selling your home via a Short Sale, the bank pays both the difference between amount owed and current market value and any real estate agent commissions.

Q: How do you qualify for a Short Sale?

A: The first step in qualifying for a Short Sale is having a qualifying hardship.  Examples of a qualifying hardship is as follows: Loss of Job, Loss of Wages, Medical Emergency, Military Transfer, etc.  If you think you might have a qualifying hardship, email The Delgado Group now to set up a Free, Confidential, No Hassle Short Sale assesment consultation. thedelgadogroup@yahoo.com

Q: Can you use a FHA or VA loan to buy a Short Sale?

A: Yes.  Bear in mind that the home still needs to pass a FHA or VA inspection to be able use an FHA or VA loan tp purchase a Short Sale property. 

If you have any other questions about Short Sales or any other real estate information ...

e-mail The Delgado Group Today!