David Courtright, P.C. is certified by the National Association of Realtors as a Short Sale and Foreclosure Resource.
Is a Short Sale for Me?
Are you having trouble making your mortgage payments? Is your home worth less than what you owe? Have you received a Notice of Default or Trustees Sale Notice from your lender? Are you experiencing financial hardship, heading towards divorce, having medical issues?
If you answered YES to any of these questions, you may be eligible for a short sale.
David Courtright and his staff handle short sales throughout the valley. The bank does not want your home back. Take advantage of David’s services, save your credit, and get out of a difficult situation by contacting David as soon as possible.
All calls are confidential and there is never any obligation.
Remember…A SHORT SALE DOES NOT COST YOU ANYTHING! DAVID COURTRIGHT’S SERVICES ARE FREE TO YOU!
Click here to contact David regarding your situation, fill out the form below, or contact him at 602-793-7755.
Short Sale News You Can Use
What Is A Short Sale
In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Many Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. No regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Will My Bank Work With Me?
The answer is YES, but you will need an experienced short sale REALTOR to get the best results.
Lenders have a department (typically called "loss mitigation") that processes potential short sale transactions. Today, lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the current foreclosure crisis, they are now more willing to accept short sales than ever before. This is great news for borrowers who are "under-water" or in other words those who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure because of this. They are type of distressed borrower who needs a short sale the most.
Lenders have a varying tolerance for short sales and mitigated losses. The majority of lenders have a pre-determined criteria for such transactions. Other distressed lenders may allow any reasonable offer subject to a loss mitigator's approval. Multiple levels of approvals and conditions are very common with short sales. Junior liens - such as second mortgages, HELOC lenders, and HOA (special assessment liens) - may need to approve the short sale. Frequent objectors to short sales include tax lien holders (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even when unrecorded) and mechanic's lien holders. It is possible for junior lien holders to prevent the short sale. If the lender required mortgage insurance on the loan, the insurer will likely also be party to negotiations as they may be asked to pay out a claim to offset the lender's loss in the short sale. The wide array of parties, parameters and processes involved in a short sale makes it a relatively complex and highly specialized type of real estate transaction which is why unfortunately short sale deals have a high failure rate and often do not close on time to save homeowners from foreclosure when they are not handled by a knowledgeable and experienced professional.
Selling Your Home via Short Sale
If you would like to sell your home, but owe more than what it is worth or if you are having trouble making your payments, please fill out the form below. I’ll be in touch with you within 24 hours to review your situation and provide expert advice.
My staff and I do short sales in Gilbert, Chandler, Tempe, Phoenix, Scottsdale, Queen Creek, San Tan Valley, Mesa, Ahwatukee, Apache Junction, Gold Canyon, and all other Maricopa and Pinal County communities. I look forward to assisting you!