Short Sales are on the rise and selecting the right Realtor and local expert is extremely important.   Not knowing how to close a short sale could lead to foreclosure.  Currently The Frazzano Team has a 100% percent closing rate on the 10+ short sales that they have been involved with.

What is a Short Sale? Basically a short sale is selling a home short of what is owed on the mortgage. If you owe $950,000 on your home and similar homes are selling for $800,000, you would be shorting the bank $150,000 if you had to sell. For expert advice and help in determining if a short sale is right for you, contact us today.

Benefits of a Short Sale. Avoiding foreclosure and saving your credit score.  Most of the negative effects of a credit score comes from missed payments on your loan.  In many cases a short sale is better than just walking away from your home. 

Negatives of a Short Sale. Not understanding the process of how they work.  You will also need to provide important information related to your financial situation.  More than 50% of attempted short sales end up in foreclosure.  It is very important to work with an experienced realtor with a proven track record.

Process of a Short Sale:  The first step is to determine the market value of your home.  Then deduct out normal seller expenses such as fees for services, taxes, past payments, etc.  Once you are determined to be short the next thing to to find a buyer for your home.  The lenders will not negotiate a short sale unless there is a buyer in contract on the property.  Once a negotiator is assigned to the file things start to move.  The negotiator will work on the file and make the final decision as to accept the file or counter the price and terms.  There are many more steps and possible outcomes and we can talk more about these when we meet in person.  If you are ready to find out more, please contact us today.

If you currently own a home and are desiring a change in your ownership status, please contact us today.  We are glad to help!