Welcome to The Hanover Group at KW®
Short Sales
A short sale, often known as a pre-foreclosure sale, occurs when a homeowner sales their home
for less than is owed on the total of their outstanding mortgage debt(s). Even if you decided to opt for a short sale, it is ultimately up to your lender(s) to agree to take less than what they are owed at the close of escrow. Usually, a short sale is more beneficial to a distressed homeowner, than a foreclosure and may
become an option if:
- You are or become ineligible for a refinance or loan modification.
- You are or will be very soon facing a long term hardship.
- You have fallen behind on your mortgage loan payments.
- Your home is worth less, then what you owe on your mortgage.
- You have not been able to sell your home at a price that would cover your mortgageloan(s) and the cost to sale your home.
- You are no longer able to afford your mortgage loan payment(s) and/or are ready to leave your home and have decided you will not be making any more mortgage
- payments.
Benefits to a Short Sale:
- Eliminate your mortgage debt, before your mortgage lender is able to complete the foreclosure process.
- Avoid the potential legal, tax and credit impacts of a foreclosure.
- May be eligible for thousands of dollars in relocation assistance in some cases.
- A credit will typically repair more quickly with short sale, versus a foreclosure.
- May be able to get a new Fannie Mae and/or FHA home loan to purchase a new homesooner (in as little as 2 years), versus if you choose to go through a foreclosure (up to 7years) before you can get a new mortgage
How the Short Sale Process Works:
If you choose to short sale your home, the process is similar to a standard real estate
transaction. You will work with The Hanover Group at Keller Williams Realty, your short sale real experts to market and sell your home. Once you list your property with The Hanover Group our real estate team will work closely with you and your mortgage company every step
of the way to:
- Establish the best sales price (based on current market data and
- trends).
- Collect your financial information and negotiate with your other lien holders (i.e. your second mortgage company, if applicable).
- Review all offers and assist you in selecting the most acceptable offer.
- Work with you and the buyer’s real estate agent to agree to acceptable price and terms.
- Open escrow, once price and terms are agreed on between you and the new buyer.
- During the escrow process The Hanover Group and its affiliates will negotiate the short
- sale on your behalf with all your lien holders in order to close your real estate
- transaction.
Keep in mind, in certain cases our real estate team, The Hanover
Group at Keller Williams Realty is successful in negotiating relocation assistance for
our short sale sellers; which is used for the purposes of helping you move and to make the transit
ion to new housing easier.
