Short Sale or Loan Mod Must I Choose

Question : What is a short sale?
Answer : Put basically, it is the sale of a house which is completed via negotiation with the existing bank in which the bank agree to accept less than the full amount owed to satisfy the debt and permit it to close
Question : How a lot does it cost me to do a short sale on my residence.
Answer : Completely Free of charge! The bank Pays the realtors to complete this procedure for them and you. Your Remax realtor need to not ask for any up front fees, ever.

Question : How long does a short sale procedure take.
Answer : Any where from 2 weeks to more than 6 months. Depending on the bank, how many loans you have and the willingness of the buyer to wait for an answer from your bank.
I have seen many short sales drag on for over a year and a half  with no answer from the bank.

Question : Is a short sale far better than a bank & why
Answer: YES! A foreclosure can stay on you credit for up to 10 years where a short sale you resore your credit score in just a couple years to aprox. the same levels

Question : Ought to I continue to live in my house during the home sale procedure.
Answer : Yes. All they way till the short sale is closed in escrow.
Question : Can I stop the foreclosure procedure by listing my property for sale with a real estate broker.
Answer: It is the 1st step. Then the next step would be to generate an offer on the house to go back to the bank that should postpone the foreclosure and attempt to complete the short sale procedure.

Question : Can I apply for a loan mod during the short sale procedure.
Answer : NO. Infact We can NOT attempt to work on a short sale for you if you do. If you tried to do a loan modification you require to withdraw it for us to complete the short sale method.

Banks won't work on both processes at the same time so you need to choose.

Question : Is there an benefit utilizing a huge real estate organization like Remax, Coldwell Banker or Prudential.
Answer : YES! Remax is the largest real estate business in the WORLD! Remax is the only real estate organization left with national TV and net exposure. When it come to your family, credit & future... Why would you want much less.

Question : Need  I make any repairs to my house?
Answer : If you can afford to make home repairs or property maintenance anything assists. This is why we would love to come to your house and lend our honest & expertise short sale advice to get you going in the correct direction.

I have personally helped more that twenty home owners negotiate a successful agreement with their bank, most times my sellers were dealing with job loss, health issues or just plain not smart decisions when it came to spending money or borrowing money. It all boils down to intent, If your intent was good then you did not commit fraud. In other words if you intended to pay back the loan then everything is usually going to work out for the best in the long run. If you didn't intend to pay back a debt when you originated it then you might be in trouble.

I recommend anyone concidering applying for a short sale to consult an attorney.
Portland Homes For Sale