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The Short Sale Option
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The Short Sale Option

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Avoid foreclosure with the Short Sale option!

Avoid foreclosure with the Short Sale option!

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  • 1. The Short Sale Option www.thepepper.com Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 2. Avoid Foreclosure
    • There are two options for home owners to avoid foreclosure.
    • If you want to stay in your home, call the bank for a loan modification. There are government agencies that will help with this process.
    • If you want out, the short sale option is for you.
    Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 3. Pay No Commissions
    • In a short sale your Realtor works directly with the bank to negotiate selling your home at market value.
    • When you owe more than the value of your home the bank takes “short” of what is owed.
    • They also pay closing costs and commissions in most cases.
    Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 4. Banks are working with Realtors
    • Getting a Realtor involved early in the game is best! The banks are realizing that they are saving money in a short sale verses letting it go into foreclosure. They are putting processes in place for the short sale option. Call me and will we call your bank together to get the process started.
    Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003
  • 5. Short Sale vs. Foreclosure
    • Sellers in a short sale can buy a home again in two years compared to seven years with a foreclosure.
    • Arizona is a non-recourse state
    • Most banks state “amount of debt settled for less than what is owed”. If you remain current on your payments, your credit points are not affected.
    Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 6. Qualifying for a Short Sale
    • In most cases there needs to be some type of hardship to qualify for a short sale.
    • Some banks do not require hardship.
    • Hardship examples are loss of income, divorce, increase in mortgage payments, or relocating and having to sell in a down market.
    Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 7. Wachovia Short Sales
    • Wachovia is a bank that I have direct access to the short sale negotiator.
    • With Wachovia the process is much simpler and there does not have to be a true hardship. They are working with homeowners that are upside down and want out.
    • We can get you out of your home in 90 days or less with most Wachovia transactions!
    Kristine McCraren, GRI, REO/Short Sale Specialist 520-977-0003
  • 8. Junior Liens
    • When there is a second lien on the home, the process of negotiating the short sale will take additional time.
    • In a foreclosure the junior lien holder gets nothing, so they are working with the first lien holder to get something!
    Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003
  • 9. 2007 Debt Relief Act
    • The bank will issue a 1099C for the difference of the amount owed and the selling price. Sellers will need to report this on their taxes, but will NOT have to pay income tax. Click on the link below for more details.
    http://www.irs.gov/individuals/article/0,,id=179414,00.html Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003
  • 10. Summary
    • Sellers struggling to make their payment, or are behind should consider the short sale option. After 90 days behind, most banks will start the foreclosure process.
    • You do not need to fall behind in payments to negotiate a short sale.
    • Buyers that are looking for a great deal, I have strategies that work for short sales, bank owned, estate sales and regular deals!
    • Call right away to get started!
    Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003