Why Would a Lender Accept a Short Sale?
Lenders & financial institutions are in the finance business, not the real estate business, and they do not want your property. In fact, a foreclosure has far reaching financial and regulatory consequences that most people are not aware of (see below). I can help you negotiate a Short Sale and avoid foreclosure as a Certified Distressed Property Expert (CDPE).
The True Cost of Foreclosure-
Example:
- Property w/market value of $200,000
- Owner owes the bank $190,000
- Highest offer the agent has submitted is $180,000
Short Sale:
Sale Price (Immediate): $180,000
Closing Costs: - 4,000
Commissions: - 10,800
Proceeds from Sale: $165,200
Loan Amount: $190,000
Less Proceeds from Sale: $165,200
Lender Loss: $ 24,800
Foreclosure:
Market Value: $200,000
Loan Amount: $190,000
Sale Price (After 6 months): $200,000
Seller Concession: - 6,000
Legal Fees: - 7,000
Taxes: - 500
Insurance: - 1,000
6 Months utilities: - 600
6 Months maintenance: - 600
6 Month Interest Loss: - 6,650
Association Dues: - 1,200
Closing Costs: - 4,400
Staffing Costs: - 2,000
Commissions: - 12,000
Proceeds from Sale: $158,050
Loan Amount: $190,000
Less Proceeds: $158,050
Lender Loss: $ 31,950
Note: Janet Johnson and Keller Williams are not associated with the government, and our services are not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
If you stop paying your mortgage, you could lose your home and damage your credit.
