Michael Klanot
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SHORT SALE



WHAT IS A SHORT SALE?

A “short sale” occurs when a property is sold for less than the amount owed by the borrower and with the Lender’s approval. If the Seller can prove "hardship", Lender's will agree to the short sale rather than having to go through the foreclosure process.

 It's very important to choose the right Realtor and Broker to list your home as a short sale. Together with the Realty Executives and the Berlin Law Firm, I have been listing and closing short sales sucessfully in Sarasota for 2 years. Simply put, we have the kNOWLEDGE and EXPERIENCE to successfully negotiate and close a short sale.

 In most cases, Lender pays ALL SELLER CLOSING COSTS and COMMISSIONS! 

 If you would like to find out more about the short sale process, please call me for a confidential consultation.

Considering a Short Sale?Can you prove hardship?

SHORT SALE FAQ:

What is a Short Sale?

A short sale is a negotiated settlement. This is when the lender agrees to accept less than the amount owed as a payoff on a loan.

Why would my Lender want to allow a Short Sale to help me?

The reason is simple; a short sale often has a better return on investment to the lender than a foreclosure. The average savings a lender sees from a short sale property compared with a foreclosure property is $14,000. Not only does the lender receive this savings, they are also paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would in a foreclosure. Plus, lenders spend a great deal of money with attorneys to complete the foreclosure process. Lenders created the short sale process as a foreclosure alternative for those reasons. The incentives to perform a short sale on your property are in place to motivate you to participate.

When should I start my Short Sale?

It is best to begin a short sale when you realize you can no longer afford the mortgage, so that your property can be marketed properly and you can receive a fair market offer. The earlier you start, the higher our likelihood of success. We have negotiated short sales that have already gone to foreclosure sale. Contact Us to see if you have enough time.

How long does it take for you to complete the case once we fill out the paperwork?

Typical cases are completed and closed within three to four months. If you have a foreclosure sale date approaching we can complete it sooner. In the past we have found buyers quickly and have used our relationship with the banks to push back your foreclosure sale date.

Why should a lien holder accept less than the outstanding debt?

After the lender does an appraisal or BPO on the property and discovers that the value is less than the payoff, the lender will decide if it is worth further legal actions and cost. A business decision is made to either continue foreclosure action or accept the short sale offer.

What is the difference between a Satisfaction of a Lien vs. a Release?

A satisfaction is a total release from the debt owed. A release is when the lender releases the lien from the property to allow the home to be sold. (The borrower may still be required to repay the balance of the debt.)

How does a foreclosure and a short sale show up on my credit?

Foreclosures show up as FORECLOSURE, and can stay on your record for seven years. Anytime you apply for a new loan or have your credit run, the foreclosure will show up and is usually a required disclosure you must make on most credit and job applications. A short sale is listed as SETTLED DEBT, and is much less harmful to your credit. Please consult a credit company for more information.

HELPFUL LINKS: 

 2007 Mortgage Relief Act

Foreclosure vs Short Sale


WHY LIST YOUR HOME AS A SHORT SALE WITH ME?

 Trellis Desk

When you list your home as a short sale with me, you also get the knowledge and experience of the Berlin Law Firm to negotiate and close your short sale.

·         There are NO BROKER COMMISSIONS charged to you to list as a short sale.

·         There are NO LEGAL FEES charge to you by Berlin Law Firm for negotiation and settlement.

With a short sale approval, these charges are paid by the Lender.
In most cases, Lender pays ALL Seller side closing costs.

Contact me anytime for a confidential consultation.




Michael Klanot of Sarasota, Florida
Michael Klanot
Telephone 941.504.2345
Realty Executives, Realtor, Equal Housing Opportunity
 
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