- Mainland Title offers a free short sale processing to all Premier Realty Agents and their Clients!
- What is a short sale?
- A short sale is when a seller in cooperation with the lender/servicer/investor (often all three are the same entity) agree to sell the home for less than the amount owed on the home. This is typically caused by a declining market in which the home has lost value making it impossible to sell the home at a price sufficient to pay the loan in full.
- Right now there are several alternatives to foreclosure which can have minimal if not zero long-term impact on sellers that find they owe more on their property than it is worth.
- Types of Short sales
- HAFA-Home Affordable Foreclosure Alternative
- HAFA incentives include but are not limited to: predetermined time frames. Moving assistance in the form of cash at the closing table and no deficiency judgment, meaning the seller will not have to worry about the lender that agreed to the short sale coming after them in the future for the loss they took on the property.
- Cooperative – Typically the lender is predetermining the fair market price prior to it being listed for sale by the Realtor. Often includes moving assistance and shorter time for approval and closing.
- Traditional- These short sales tend to take longer than most but can have the same features as the above. The property is often listed prior to the bank receiving a request for short sale.