Having Credit Issues and Considering a Short Sale? We can help. While it can seem daunting, it’s not always as bad as it seems. We have lots of experience with short sales, a great track record of saving homeowners from foreclosure, and are very familiar with the process and the best ways to help you. Here are some of the things that we can do to help.
For instance, we may be able to negotiate with the bank to report to the credit institutions in a way that will do less damage your credit. This can be done in the negotiation process. If we can get them to agree to report your loss as unrated, we may have a chance of saving your credit score sooner. We work very hard to prevent foreclosure and minimize any damage whenever possible. No one can guarantee 100% success in this area.
We’ve also found that one lien holder is easier to negotiate than two. It is much more difficult to work with two different lenders on Short Sales because many of the 2nd lien holders put up a fight and ask for more from the seller. In this case, we usually advise the sellers to look into bankruptcy or simply threaten this to the bank. The 2nd lien holder gets nothing when this happens.
It’s also good to note that taxes on primary residence short sales are forgiven; although, we have been told that if it is your primary residence, you will still get a 1099 that you do not pay on.
It is a requirement of ours that our sellers work with us to get their homes in decent condition as quickly as possible and also get us any information we need so we can get the short sale process moving quickly. We cannot stress how important this is. While most people work well with us, we will and have refused business from sellers that do not get us what we need fast enough. We simply cannot help people that do not give us the information we need in a timely matter. It needs to be a team effort in order to work. The quicker we can get things moving the better chance there is to prevent foreclosure. We can make a cash offer to the bank in most cases in about 72 hours or less.
Each individual situation in a short sale is different and we can help decide what your best route may be. We will do our best to ease any stress and hopefully avoid a foreclosure.
Call us at 402-777-3414 if you have questions regarding short sales or would like us to take a look at your home. We’ll be happy to discuss your best options with you.