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About Short Sales
What is a
Short Sale? A situation in which the seller owes more
which option is best. What is the Typical Timeline of a Short Sale? A short sale can take anywhere from 30 days to 6 months, depending on the amount of cooperation from the seller pertaining to all necessary documents, size of the lending institution, whether or not there are junior liens, and most importantly- the advocacy of the seller's agent. In all of the short sales I have closed in the past year, we've heard from the bank in about 6 weeks and closed 30 days after acceptance. From listing the property to closing the property, I recommend planning on 6 months. How do I get started? First, you need to engage the services of qualified finance, tax and legal professionals to decide if a short sale is best for you. Once you determine you want to go the route of short sale, call me. We will get started on your short sale package to present to the bank to see if you qualify. Hardship is shown by a letter stating evidence of any of the following:
Business failure Illness and medical costs Divorce or death of a spouse Natural disaster stubs and possibly credit card statements. Next, the property is listed, properly priced and marketed. Once a buyer presents an acceptable offer, the property goes under contract and that contract is presented to the lender. The lender takes anywhere from 30 to 90 days to review and if the lender accepts, the closing occurs within 30 day of bank approval. No proceeds go to the seller at closing. Testimonials Dear Sarah, After hopes were lost for selling my Corolla, NC rental home at a price anywhere close to what I owed, I decided to get realistic with my price. This meant selling the home for less than what I owed. Sarah knew we had to move quickly to find a buyer. With Sarah’s patience and knowledge on short sales we were able to find our buyer and navigate through the lender’s maze of hurdles and paperwork. Sarah was a tremendous help getting my wife and me through the short sale process and I would recommend her services to anyone who needs to go this route! Thanks again Sarah! Short Sale Seller, Corolla 2009 _____________________________________________________________ Last spring, we purchased a 2nd home in Corolla, NC (Outer Banks area) with the help of Sarah. Our goal was to utilize this home as an investment for rental income. The home is located, 2 1/2 hours away from our permanent residence and therefore created some unique challenges in the purchasing process. Sarah was able to help us overcome all of these challenges and made us feel comfortable and confident with our purchase. Sarah consistently delivered exceptional customer service by going above and beyond through out the entire process. For example, Sarah, on her own accord, went through the house and created a "punch list" of items that she recommended completing prior to placing the house on the rental market. This list enabled us to communicate to contractors remotely about what needed to be completed. We were very pleased with Sarah's exceptional customer service and we highly recommend using Sarah. Short Sale Buyer, Corolla 2009 _______________________________________________________ Dear Sarah, You probably thought you would never be done with us, but at last we own our beach house! Mike and I just wanted to thank you for all you did to make this possible. You patiently answered our questions and always looked out for our best interests. Your real estate savvy, wise council and charming ability to get people to work together guided us through each obstacle that arose. Whenever we mention your name, people pay you well-earned compliments. I also appreciate all your recommendations of people to do the jobs we will need to do to fix our our new home by the sound. Many thanks! Short Sale Buyer, Corolla 2009 |
| Sarah Spencer has successfully closed more Short Sales in Corolla than any other agent. Some of the banks Sarah Spencer has negotiated with for short sales:
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| Sarah Spencer Senior Associate Broker Village Realty cell 252.202.3357 • toll free: 877.546.5362 sarah@obxspencer.com |
