What Is A Short Sale?

→What is a Short Sale?
→What are the advantages of a Short Sale?
→What services does 1st Priority Realty offer?

A Short Sale can be the answer to relieve your stress!

Many unfortunate homeowners find themselves caught up in a dilemma due to a poor local and nationwide real estate market or financial hardship. Homeowners are unable to re-finance or modify their mortgage loan. 1st Priority Realty Team has the Solutions & Experiences to eliminate your mortgage debt problems and provide you with the freedom lifestyle you so deserve. Our Services are FREE to You. Time is always of the essence so please don’t hesitate. Make the best decision of your life and call us to help stop your foreclosure proceedings. As one of Clark County leading Short Sale Specialists, we can help by providing you with a Real Mortgage Forgiveness Debt Relief…………. it’s called a Short Sale

What is a Short Sale?

A Short Sale is when the mortgage lender agrees to settle with a discounted payoff that is less than the balance owed on the loan to consummate a sale on the property and stop foreclosure. By taking this avenue, it will help the lender receive more of the loan balance and less hefty fees compared to a foreclosure process. The homeowner will also maintain a better level of credit. Certain criteria must be met to qualify for a short sale. Provision of economic hardship & evidence of zero equity in the property must be submitted by the homeowner to the mortgage lender. A Short Sale is an extremely complex transaction, so be sure to select an experienced Professional who is very knowledgeable in this field.

Differences between a Short Sale and a Foreclosure:

  • Credit Score- Short sale lowers your credit as little as 50 pts, 12 to 18 months. While Foreclosure lowers it at a minimum of 250 pts for over three years.
  • Credit History-Short sale is reported paid in full and does not show on a credit report. A Foreclosure will be on your credit history for 10 years or more as public records.
  • Waiting period to buy another home-Short sale in less than approximately two years for a reasonable interest rate. A Foreclosure may end up waiting from 24-72 months.
  • Cost & length of time-A short sale is typically faster and less costly than foreclosure.
  • Deficiency judgement-A lower deficiency record through Short sale versus a higher one from foreclosure.
  • Future loans-With most lenders, a short sale does not need to be declared on a standard loan application, while a foreclosure will, therefore, affecting your interest to a higher rate.
  • Sale of property-A short sale is a consent agreement between seller and lender while a foreclosure is a forced action upon the seller by the lender.

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