A “Short Sale” or “Negotiated Settlement” or “Short Pay” occurs when a lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. If the property is worth less than the amount owed on the loan and should the lender choose to foreclose and take back property, they know they are going to take a loss.
HOW LONG DOES IT TAKE?
There are many variables that affect the time it takes to close on the property. Some are:
- Two or more mortgages on the property
- Quality of the package that the lender receives
- Follow-up process with the lender
- Response time for information from the current owner
- Etc.
During the past 120 days most of the lenders have hired additional resources to meet the demand of short sales and also have automated their processes. We are now seeing these efforts pay off and the lenders are responding sooner, if fact they have now turned the tables on the person or organization that is acting in behalf of the seller. The lenders are assigning tasks with time lines and if these timelines for information back to the lender are not met, they will pull the file.
DO YOU HAVE THE TIME AS REALTORS TO MEET THESE DEMANDS OR WILL THE FILE BE PULLED AND YOU WILL LOOSE THE DEAL?
WHY BROKERS AND AGENTS USE TITLE CHAIN?
- Why should you as the real estate agent waste your valuable time speaking to lenders when WE can do that for you at no charge? This will allow you to be more productive and increase sales volume.
- We have over 24 years experience in the title industry
- We perform a thorough title search to ensure that all liens, judgments, back taxes, homeowner fees, etc. are captured and displayed on the settlement statement (HUD) prior to sending it to the lender. This is critical because it allows the lender to see an accurate proposed offer.
- We negotiate with the lender to attempt to get the best offer possible for the seller. We do not just accept the lenders first offer without a counter on price and or terms and conditions.
- HUD’s are updated on a regular basis and sent to the lender, ensuring that the estimated closing date is correct and that there are no other defects on the property. Once the lender accepts the short sale offer and provides a must close by date, it is too late to go back and make any changes. Therefore, additional charges have to be added and incurred by either the realtor or buyer in order to close the transaction
WE HAVE A 89% CLOSE RATE ON SHORT SALES
WHAT DOES THIS SERVICE COST AND WHO PAYS?
It costs nothing to the current owner or the real estate sales agent.
If you would like to take advantage of our services, I know you and your clients will be completely satisfied. Just contact us at titlechain@bellsouth.net or call us at 386-597-6901 to discuss, also visit us at www.titlechain.net
We look forward to hearing from you and providing our services to you.
Thank You
Tom Villano |
