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The Short Sale Process Hello! Jillian Batchelor with The Batchelor
Group coming to you today to explain to you the short sale process. You as a seller if
you feel that you are facing financial difficulties and you are considering short selling your
home, what you would like to know is how to complete that process. That's what I am
here to talk to you about today. The first most important thing to you as a seller is
to hire an agent with experience. Hiring the wrong agent to short sale your property can
mean the difference between a foreclosure and a short sale on your credit. At The Batchelor
Group our goal in mind is to always get a successful short sale complete and never to
threaten a client's credit with a foreclosure. Once you have a foreclosure on your credit,
that can prevent you from being able to buy a home for the next seven years. It can raise
your interest rate on your credit cards, and your car payments, so that's something we
always want to avoid. Now, if you've hired the correct agent,
that agent should be able to negotiate through the process and avoid getting you a deficiency
judgment on your credit. We always go for a deficiency waiver. What a deficiency judgment
is, is when your bank, your mortgage company, has the right to come after you, the seller,
for any loss that they've incurred on the home. That loss will include anything in the
balance between the difference of what you owe and what the property sells for as well
as any commissions, closing costs, and rehab costs that the bank has to incur. We will
avoid that at all costs by getting you a deficiency waiver.
The next step to this process is going to be your agent is going to send you out a hardship
package. In that hardship package, that's going to contain your hardship letter which
your agent should go through on how to write that correctly and your financial documents.
The financial documents are a very important part of this process to make sure your bank
approves your short sale. Once you've completed those documents your agent should be ready
to list your home. What they'll do is they'll go ahead and look for an adjustment and look
at the comps to price your property correctly. They are going to do that through a market
analysis of your home. Once the property is prices correctly, they'll go ahead and put
it on the market, and within a matter of days in this type of market, you should be able
to get many offers on your home. We will accept the best offer for you and start negotiating
with your bank. Now that negotitation process can take anywhere between three and nine months,
but once we have it negotiated we will get you an approval, and that approval letter
will give you 30 days to short sale and close on your home.
Now, keep in mind you as a seller, when you are doing a short sale you are never responsible
for commissions or closing costs. You definitely have the right to continue living in your
home, and you're not going to be liable for the difference on that property as well
as if you short sale your home by the end of this year under the mortgage debt relief
act in the United States, you will not be responsible for taxes, and I repeat, will
not be responsible for taxes on that home to the IRS. If you have any other questions,
please feel free to contact The Batchelor Group today in any part of the country that
your home may be located in. We would love to help you. Remember our services to you
are free. Thank you so much and have a great day!