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Both members
of the Myrick Team hold the distinguished and
respected Certified Distressed Property Expert (CDPE) designation.
A CDPE agent will offer you a much better chance of a successful short
sale.
Short Sales Specialist, Tinsley Myrick
Tinsley
will handle your short sale from beginning to end,
negotiating directly with your mortgage company.
If you are already in default, or
have a foreclosure pending, the process of trying to short sell your
home can be emotionally draining.
Let Tinsley make an extremely stressful situation
much less stressful!
More about Short Sales
If you owe more than your property is worth, and
don’t want to declare bankruptcy or face foreclosure, then a short sale
of your home may be the best option. A short sale has potential tax
implications so please consult a qualified accountant or CPA regarding your particular situation.
In a short sale, the bank or mortgage lender
agrees to discount a loan balance because of an economic or financial
hardship on the part of the borrower. The home owner/debtor sells
the mortgaged property for less than the outstanding balance of the
loan, and turns over the proceeds of the sale to the lender.
Neither side is "doing the other a favor;" a short sale is simply the
most economical solution to a problem. Banks will incur a smaller
financial loss than foreclosure or continued non-payment would entail.
Borrowers are able to mitigate damage to their credit history, and
partially control the debt. A short sale is typically faster and
less expensive than a foreclosure. It does not extinguish the remaining
balance unless settlement is clearly indicated on the acceptance of
offer.
Lenders often have loss mitigation departments that evaluate
potential short sale transactions. The majority have
pre-determined criteria for such transactions, but they may be open to
offers, and their willingness varies. A bank will typically
determine the amount of equity (or lack thereof), by determining the
probable selling price from an appraisal or Broker Price Opinion
(abbreviated BPO).
Lenders may accept short sale offers or requests for short sales even
if a Notice of Default has not been issued or recorded with the locality
where the property is located. Given the unprecedented and
overwhelming number of losses that mortgage lenders have suffered from
the 2009 foreclosure crisis, they are now more willing to accept short
sales than ever before. This presents an opportunity for
"under-water" borrowers who owe more on their mortgage than their
property is worth and are having trouble selling to avoid foreclosure as
a result.
The short sale process is tedious and time consuming. Hiring a
trained and experienced real estate agent will allow you to spend time
on the other important things in your life....not to mention, minimize
your stress!
to discuss your options!
Important: RE/MAX of Orange Beach is not
associated with the government. Also, our services are not
approved by the government or your lender. Even if you accept an
offer on your property and use our services, your lender may not agree
to change your loan.
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