Sea Isle City Short Sale Experts
The Lazarus Team has experience in Sea Isle City short sales. Ian Lazarus and Team will expedite your transaction and protect your interests. We have handled dozens of deals on both sides of the transaction. We don’t want you to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
Buyers pursue short sales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood or just too good to be true call me to find out if the home is a short sale.
You might want to think twice about making an offer on a short sale home. It’s not as simple as you may believe, and very few can close in 30 days or less.
Many of our home buyers have waited 4 to 6 months to close on a short sale, sometimes longer!
What is a Short Sale?
A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
Be aware that the seller need not be in default — to have stopped making mortgage payments — before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.
Hire an Agent with Short Sale Experience
It’s one strike against you if the listing agent has never handled a short sale, but it’s even worse if your own agent has no experience in that area. You need an experienced short sale agent to ensure all the timelines are met in order to get to the closing table.
An agent with experience in short sales will help to expedite your transaction and protect your interests. You don’t want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
Give the Short Sale Lender Time to Respond
This is the golden rule of short sales. Make your offer contingent upon the lender’s acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel.
Some lenders submit short sales to committee, but most can make a decision within two to three months. If you don’t feel you can sit back and wait a short sale may not be for you!
FORECLOSURE VS. SHORT SALE
FORECLOSURE CONSEQUENCES FOR THE FOLLOWING:
SECURITY CLEARANCES – may be revoked and position may be terminated
CURRENT EMPLOYMENT – may result in reassignment or termination
FUTURE EMPLOYMENT – in most cases will challenge employment
DEFICIENCY JUDGMENT – 100% of the bank in states where they can may pursue a deficiency
DEFICIENCY JUDGMENT (amount) – If sold at auction at a low price may result in a higher deficiency judgment
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE – 5 years to get a FM loan
FUTURE FANNIE MAE LOAN-NON PRIMARY – 7 years to get a FM loan
FUTURE LOAN WITH ANY MORTGAGE COMPANY – Buyer has to answer YES on question C Section VII of the standard 1003
CREDIT SCORE – lower credit score of 250 to 300 for 3 years
CREDIT HISTORY – 10 years on public record
SHORT SALESECURITY CLEARANCES – Will not challenge most security clearances
CURRENT EMPLOYMENT – Not a challenge to employment
FUTURE EMPLOYMENT – Not a challenge to employment
DEFICIENCY JUDGMENT -some successful short sales it it possible to convince the lender to give up right to pursuit
DEFICIENCY JUDGMENT (amount) – In most case the amount is lower
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE – 2 Years for FM
FUTURE FANNIE MAE LOAN-NON PRIMARY – 2 Years for FM
FUTURE LOAN WITH ANY MORTGAGE COMPANY – No question about Short Sales
CREDIT SCORE – 50 points and 12 to 18 months
CREDIT HISTORY – Not reported on a credit history