Gwinnett County Real Estate: Short Sales

June 6, 2008

What is a short sale? Have you ever heard the term “Short Sale?” Is that a home that is only listed for a month or is the owner less than five feet tall?

None of the Above.

A short sale is a special situation that has become increasingly common in the recent past. A short sale is a win-win-win situation for the seller, the buyer and the lienholder. A short sale is an opportunity for a buyer to get a great deal,for a seller to avoid foreclosure and for a lienholder to save tens of thousands of dollars in fees and costs.

OK, OK – in English?

Imagine that you own a home and you would like to sell it. You call Chris Compton, your favorite realtor in the whole wide world at 770-682-7735. Chris comes over to talk with you about selling your home. Durng the conversation you come to realize that his expert opinion about the value of your home poses a BIG problem. Chris wants you to market your home for LESS than you owe! And he wants you to pay a brokerage fee when the house sells! That is a problem.

Suppose you could make a deal with the lender who holds the lien against you home. You would sell the house for its fair market value, which Chris helped you determine. You would pay the brokerage fee from the proceeds of the sale and then give the money that was left over to the lender. They would FORGIVE the shortfall and you could move ahead with your life without the credit destroying, life altering, gut wrenching pain of a foreclosure proceeding. That would be fantastic, right? That is a short sale.

To be honest, short sales are complex. They require a very detailed package of information to be compiled and submitted to the lender in order for the lender to agree to the terms of the sale. Many short sales are disapproved. The majority of these disapproved sales are due to improperly submitted packages.

Luckily, you have stumbled upon a realtor who is immersed in short sale education and training. A realtor who has systems and strategies in place to make sure that your sale goes through if at all possible. A realtor who respects and cares enough about your family to do the work right and get you on your way.

If you are struggling to make your house payments, whether you have had a job change, a medical emergency, been the victim of a predatory loan or for any other reason – call me immediately! Do Not Wait. Every day you put this off reduces the chances of us helping you avoid foreclosure.

A short sale affects your credit. A foreclosure destroys it. If you are sitting around waiting for things to change, stop. Pick up the phone and let’s change things together.


4 Responses to “Gwinnett County Real Estate: Short Sales”

  1. […] for $200,300 and is being offered as a short sale. If you don’t know what a short sale is, read this article or call me anytime and I will explain. Here is the […]

  2. We need more agents out there that really understand the short sale process. It could make a big difference to a lot of people.
    Jonathan Christopher of Short Sale Way

  3. SJ Guidry said

    What if you are not behind on your mortgage, you do have a job and a 401K, but need to move out of state asap due to health or personal reasons and your house is valued less than the mortgage? Will the lender work with you? I plan to put the house up for sale in good condition, move, and rent in the new location, but cannot afford mortgage + rent for long.Thank you in advance.

    • In most cases you can negotiate a short sale in these circumstances. It depends on your exact situation and especially on who your lender is and whether or not a second mortgage is involved. Send me an email with your phone number and I will put you in touch with the exact right person to help.

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