A Short Sale is the process of reducing principal balances on a mortgage. Short Sales happen when a homeowner can no longer afford their monthly loan payment. Once a homeowner has realized that they have more expenses than income each month for whatever reason (job loss, medical, economy, etc.) they need to find a real estate company that specializes in loan modifications and short sales. Bloom / Van Omen, the official real estate partner of Scottsdale.com, has been doing these types of transactions for many years. Bloom / Van Omen has completed hundreds of shorts sales and has helped homeowners stay in their home, lower their monthly payment and sell their home so they can get a fresh start. The short sale process takes anywhere from two months up to year, depending on your financial situation, the lender and other factors.
The process starts with going over a financial worksheet; this will determine what options are best fit for the homeowner. Our short sale specialists then cover disclosures, including possible taxes, deficiencies and other factors specific to your situation. If we determine the best option for you is a short sale, we fill out a short sale packet. The short sale packet includes: contracts, agreements, disclosures, pay stubs, two years tax returns, an authorization form and financial worksheet.
A successful track record of handling short sales is important when you select a real estate agent. Experience and training are both very important to get the results you need and Bloom / Van Omen has handled hundreds of short sales, is a Certified Distressed Property Expert (CDPE), has earned the Five Star REO certification and has a team of dedicated experts to help you. Bloom / Van Omen can provide you with testimonials and an overview of our successful handling of short sales.
Short Sale properties are great properties for buyers in the market to purchase a home. Buyers can get a great deal if they are patient. Banks are overwhelmed with inventory and it can take time to get a response to buyers. If the real estate agent handling the short sale process understands the best way to get the process complete then they won't market the property until they determine roughly what the bank will take. This prevents too many days on the market (buyers lose interest), motivates other agents to submit offers and expedites the process for the sellers. Important items to remember:
You stay in your home during the short sale process until notified, sometimes over a year after your last payment;
Your credit can get better overtime and is less harmful than a foreclosure
You don't sign always have to sign a promissory notes; and
Normally the property remains in your name during the short sale process.
Contact Bloom / Van Omen & Associates Today
480-744-6357 (toll-free 800-736-2974)
or send us your request today! The Official Real Estate Partner of Scottsdale.com
