Short Sell your home Totally FREE

Here are a few frequently asked questions on short sales:

What exactly is a short sale?
A short sale is simply when the bank agrees to accept less for the home than what is the mortgaged amount; hence, accepting a purchase price "short" of what is actually owed. The bank usually will agree to a certain amount less in order to avoid foreclosure, saving the bank a lot of money.

How do I know if I should do a short sale?
The seller attempting a short sale may be pursuing it for a couple reasons, but both out of necessity. The seller may have been unable to pay their mortgage for the past few months. If they are in default of their loan payment, then they must catch up, modify the loan, or face imminent foreclosure. A foreclosure can kill a person's credit for a few years. But with a short sale, a few late payments on a credit rating will eventually fall off after a year.

The second reason a seller may be interested in short selling their home is because they have to move and cannot sell the home for what they owe on it. Unfortunately, this is the current downward trend of depreciation.

Are there any benefits to a short sale?
The two benefits are these: save the personal credit from the lasting effects of foreclosure and also allows for the remainder of debt that is owed to be forgiven. If there is a second loan on the home, the second totally loses out.

Example:
A seller owes $200,000 on her home. All comparable homes sold are at an average of $190,000. She decides to short sell her home and gets an offer at $185,000. Her realtor then presents the offer to the bank in which she is indebted and the bank accepts the $185,000 purchase price. With this, the bank forgives or "writes off" the remaining $15,000 of what is technically owed and the seller now isn't liable.

The Truth of Short-selling a Home:
The short sale process can be a long, drawn out one and can emotionally wear down on you as the seller. Eaton RE can alleviate your stress and will carry your burden as it deals directly with the bank on your behalf.

Eaton RE’s short-selling process is proven successful, organized, and efficient in negotiating with loss mitigators, bank attorneys, and mortgage insurance agents. We will generate good offers on your home, submit the best, and reduce the stress. You can be confident your mortgage will be fully paid, and you WILL NOT be responsible for the difference.

Call Eaton Real Estate today for any questions or concerns at
(801) 404-0900.