Short Sale Information
What is a Short Sale-
A Short Sale is a sale of Real Estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts. The lien holders then agree to release their lien on the real estate and accept less than the amount owed on the debt. In the mortgage space, this means the homeowner (The Borrower) cannot recover the amount of unpaid principal he owes the lender by selling the property, and the lender concedes to taking the loss. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any short falls on the loans, unless specifically agreed to between parties.
A short sale is often used as an alternative to Foreclosure because it mitigates additional fees and costs to both the creditor and borrower. Both often result in a negative credit report against the property owner.
How can Roussel Team Realtors help with a short sale?
Blake Roussel and Rhonda Bletsh have specifically been trained by Short Sale and Foreclosure Resource Certification and Insight Short Sales to help Distressed Property Owners navigate the Short Sale Process.
The short sale process is not meant to embarrass or humiliate home owners that are behind on their mortgage. We know that life throws everyone curve balls and we are just offering a helping hand to distressed property owners to help avoid FORECLOSURE.
In Jan. of 2016 Central Arkansas had a report of 2800 Distressed Properties. Less than 10% of those properties will attempt a short sale...
What we do to help.
Once a home owner makes contact with us. We have a checklist of things that need to be done.
Initial Meeting / Consultation
Provide a list of Needed Documentation to Home Owner
List the property
Once an offer is received, we submit a short sale package to the Lien Holder.
Then we negotiate with the bank to approve the short sale and accept an offer.
We are here to help in any way possible. Please give us a call or email us.