RELIANCE BAY REALTY SPECIALIZES IN SHORT SALE IN ALL CA MARKETSWhat is a Short Sale? In a few words a Short Sale is the best solution for both the home owner and the bank that has financed the property. In a Short Sale the homeowner works in cooperation with the lender through the services of an experience Real Estate Agent/ Short Sale Negotiator of Reliance Bay Realty to work out the details of a Short sale. It is in the best interest of the lender to compromise and minimize their losses by avoiding costly foreclosure proceedings, and through the services of one of our Short-Sale specialist this can be achieved. Short Sales occur when the Real Estate Market takes an upside and home values start depreciating. With the down turn in the market usually home owner’s who do not have substantial equity built into their properties are left with mortgages which are higher than the market value of their properties. Home owners / Sellers are forced to sell their homes with a price tag which is much less than the amount they owe to the bank. Through the services of a Short Sale Specialist from Reliance Bay Realty an agreement can be reached where the home owners avoid a foreclosure on their property and the lender accepts a lower settlement of funds than what is owed to them and the remainder is considered Debt Relief to the home owner which can be viewed as complete relief of the mortgage debt to the home owner. The Final result of a Short-Sale is that your home is sold and the Mortgage owed to the bank is satisfied (paid off) and you avoid a foreclosure or a bankruptcy in the event of hardship. In some cases where no payments have been missed your credit rating will almost immediately improve because your credit report shows that your mortgage was paid in full. In case your credit report is affected due to the hardship which is forcing you to sell your home in a Short-Sale then our agents will work diligently to help improve your credit so you can qualify to buy a home within 6 months. What are the Benefits of a Short Sale? There are many benefits for selling your home as a Short Sale. Before making any drastic decision a home owner should look at all available options to avoid losing their home. But if circumstances are such that they can no longer maintain the home than it is a Thousand times better to Sell your home through a the services of a Short Sale specialist from Reliance Bay Realty rather than letting the bank take it as a foreclosure. The Bank is not happy when they become owners of Real Estate and believe me when I tell you that the Bank does not want to foreclose on any property. Below are some of the benefits of a Short Sale vs Foreclosure; A Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy. A Short Sale is the opposite and sometimes is favored by the bank because you are working towards a solution with your lender which helps minimize their potential losses. Reliance Bay Realty’s Short Sale Service is FREE to you; the lender covers all the costs involved and all communication and negotiations with the lender is handled by Reliance Bay Realty experts and not you. Preventing future liabilities is imperative. If your property is foreclosed upon and sold either as an REO or perhaps sold at an auction, you may owe deficiencies and other expenses to the lender. It is important to understand if you signed Recourse or a Non-Recourse loan with the lender and on most Short Sales we negotiate the best possible outcome for the home owner. When Reliance Bay Realty represents you on your Short-Sale we are working for your best interest and it is our duty to the homeowner to relieve them of any possible future headaches due to liabilities. Q) What if I own an Investment Property and I’m having a hard time making the complete payment on it? Can I sell that through a Short-Sale? A) Yes it is definitely possible. Any type of property can be sold through a short sale. As long as we can prove the hardship or the distress situation on the seller’s behalf then we should have a green light from the lender. Q) Can you do short sales anywhere in California? A) Reliance Bay Funding has many branches throughout the Golden State. All branch locations maintain a full staff of Short-Sale Agents, Short-Sale Negotiators, Short-Sale Transaction Managers and Administrative Staff to give utmost attention to representing you on your Short-Sale. While we cannot promise that we can handle properties everywhere (some suburbs, rural areas), so far we have not turned anyone away. If your property is located too far from one of Reliance Bay Realty branches then through the Network of local brokerages we can still negotiate your Short-Sale of your property and get it approved and sold. Q) What are some Hardship which can force an individual to sell their home? A) While there maybe many reason for a Hardship, some of the common issues which creates a Hardship are as follows: Reduced Income or Unemployment. Q) Does it make a difference who helps you with your Short-Sale? A) Yes this is the key part which can dictate the outcome of the Short-Sale. Traditional Realtors only get about 15% of short sales approved and most of the time that is by mere luck. Reliance Bay Realty does not take any chances when it comes to Short-Sale Representation. All of Reliance Bay Realty Short-Sale agents are expertly trained and are seasoned professionals specializing in Short-Sale negotiations. We have represented clients and negotiated Short-Sales with a wide array of Direct Lenders, Savings Loans, Credit Unions, Commercial Banks, Correspondence Lenders, Warehouse Lenders, Hard money Lenders, Private Lenders and our success rate is always been a 100% approval. NOT ONE OF OUR SHORT-SALE SELLERS HAVE EVER HAD THEIR PROPERTY FORECLOSED UPON OR HAD THEIR PROPERTY SOLD AT AN AUCTION. Q) What Happens If I Don’t Do a Short Sale or my Short Sale is Unsuccessful? A) If you don’t do a Short-Sale or if the bank is being stubborn and wants to foreclose to they do not approve the Short-Sale then the outcome is usually the same: Bank becomes owner of the property through Foreclosure Proceedings. In doing a Short-Sale the goal is to avoid the nasty foreclosure which brings with it the negative reporting of a deficiency on your credit and it will haunt you for 10 years or more. Generally a Foreclosure is one of the most damaging occurrences in a credit history. Generally in a Short-Sale you might miss a few payments due to the Hardship which is forcing you to Short-Sale your home and this will show on your credit history. But in the end, when your short sale is completed then your credit report will show that your mortgage has been “satisfied” or “Settlement of Debt” and typically if your score has suffered then you can rebound and start rebuilding your credit right away. |