Short Sales
Maybe you've heard about short sales in the news, or maybe in the newspaper. Maybe it doesn't apply to your situation. But many folks around the U.S. are facing a situation they've never seen before. Just what is a "short sale"? 
When it comes to real estate, a "short sale" occurs when the outstanding obligations (usually the remaining loan balance) against a property have become greater than what the property is capable of selling for.
The short sale process is a way for homeowners to avoid having their homes foreclosed upon, while still paying their loan off by settling with the mortgage lender. Many homeowners choose to enlist the services of a short sale specialist that knows the proper way to go about executing a short sale. That's where the short sale specialists at Prime Financial Group comes in.
The first step most often, is to verify what the value is for your property, through a real estate broker or through your own market analysis of your property and the surrounding area.
Next, your short sales specialist will add up all of the costs associated with selling the property, and the amount that is owed against the property which will be the total of all of the loans currently against the property. Some calculating is needed, subtracting the total amount owed against the property from the estimated sale proceeds. On a short sale, the number that your short sale specialist comes up with will be a negative one.
The next step is for your Prime Financial Group short sale specialist to directly contact each lender, talking to someone in the customer service department and explaining the situation to them in detail. They may either recommend you talk to a specific department, or they may put you in touch with the right supervisor or manager right away. The more authority this person has, the better.
Prime Financial Group will talk to your lender at this point to find out more about what is required for a short sale. Most but not all lenders will be more than willing to work with you, reducing how much money is left on your loan, or making other arrangements for you to follow.
Keep in mind that closing costs tend to include both title and escrow fees, and you may be responsible for these as the seller of the property but it depends on your county. You may also have to deal with notary fees, re-conveyance fees, documentary fees, transfer fees, delivery fees, unpaid property taxes and attorney fees as well.
Prime Financial Group would like to talk with you, explain your options, and discuss the next steps required to start your short sale. Please contact one of our representatives to talk it over.
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