| WHAT IS A SHORT SALE?
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.
We, at Title Chain, Inc, have negotiated and closed numerous short sale transactions with various lenders. We have had great success in performing these closings in the minimum amount of time.
WHY?
- Why should you or 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 all the documents that the lender require
- I, as one of the owners, have worked in a large corporation for over 30 years in several management positions; one of them, managing a large contract organization, with the responsibilities of negotiating contracts with various vendors including the United States Government.
- My wife, who is the other partner, is a certified Real Estate Paralegal and has worked for real estate attorneys in Florida for over 20 years.
- 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.
- 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. Some mistakes that other organizations make are not updating the HUD and performing updated title searches for the lender. 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
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 great services to you.
Thank You
Tom Villano |
