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IT PAYS TO GIVE US YOUR SHORT SALE WORK ~ No Brainer.
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The problem with the market today is obvious: Increased payments and decreased home values with a side of a negative equity!

What isn't so obvious is how to help the growing number of homeowners who are facing foreclosure. They want to sell but can't. It's frustrating.

As Real Estate professionals, we are having to deal with this more and more and want to help, so much; but what can we do?

Q. Some homes have equity or are near the line, how about just listing the home and waiting until the market comes back?
A. Well, it is rare when someone is in foreclosure AND has equity, almost like finding a unicorn. It could take several years for the market to turn, according to forecasters, so that won't work either.

How about a short sale? GREAT! What's that?

Well a short sale, or discounted payoff, is when a bank agrees to sell the property and release the lien at a discount, or less than the borrower owes. Often times Mortgage's are relieved of their debt and according to the recent tax laws, they don't even have to pay taxes on that relief!

Well that's it, isn't it? Let's get started!
Hold on a minute, short sales are not easy. They require lots of work, time and effort. They demand immediate attention at any given time, sometimes even at night!

So what to do now?

Take action! CALL US!
CSS will negotiate the sale on the borrowers behalf and keep everyone in constant contact. Our commitment and experience provides us with the knowledge necessary to make short work of this sale!

Q. What is a Short Sale?
A. A short sale is often a solution to a negative equity situation for someone in foreclosure. The short sale refers to the process by which a person uses a signed purchase contract, CMA (comparative market analysis), financial documents, appraisals, multiple faxes and phone calls and LOTS of time to convince the mortgagor, or lender, of any particular home that the market value is below the current mortgage and issue what's called a 'discounted payoff'.

Simpler words: Process by which the banks agrees to sell the property below the mortgage instead of foreclosing and taking the property at a bank auction

The bank must be convinced that the borrower cannot pay back this debt, that the market value is less than the mortgage, or note. And most importantly, they must attempt to do their own research to come to this conclusion, we just help them, we're good at it too!

NOTE: Sellers MUST be in foreclosure for a bank consider taking a discounted payoff

Q. Why do Banks agree to this?

A. When banks give loans, they are not interested in purchasing the property. They aren't even the legal owners or on the deed at all! They are only interested in the interested you will pay them over the next 30 years. If for some unforeseen circumstance, a borrower cannot pay the mortgage anymore, or defaults, the bank STILL doesn't want to own the property. It's a liability.

The foreclosure process is long and drawn out, most importantly it's COSTLY. First they must wait the proper amount of time before they can legally sell the property. Giving the borrower time (sometimes up to 6 months without payments) to pay it back or sell the property. They must then buy it back at an auction or trustee's sale, which is held by an auctioneer hired by the attorney who is helping the bank take possession.

The process is designed to give the bank and their shareholders the LEGAL right to sell your property. WHEW! In a successful short sale the bank can skip ALL the fees and time associated with a foreclosure. This can save them up to $30,000 and 6 months, not including the time it may take to sell as Real Estate Owned or REO.

Q. Why should a homeowner in foreclosure do a short sale instead of just letting it go?
A. The cost savings for the bank. They will eventually do the same thing (sell for less than the original mortgage), just after they own it, then it's called an REO. Then the banks can often add the foreclosure cost they incur to the balance and often go after the seller for both!!

Not to mention the commission and any carrying costs associated with trying to sell such as heating or winterizing, and clean ups. It is considered an enormous liability as well, which is probably one of the reasons they often do go attempt to collect this debt from the borrower after thy sell it.

Another good reason is most bank's representatives we've spoken with about this agree that the sellers attempt to help the bank mitigate this loss, or negative equity and foreclosure situation, goes a long way. When you hire ShortAction, we act as the borrowers proxy and they can show their appreciation by forgiving this debt.

NOTE: Most of the borrowers we've helped over the years have had this debt completely forgiven! In excess of $200,000 on some loans!

Q. I've often heard that a bank may cut your commission down. How is this worth it?

A. It's true, banks often cut down the commission. Sometimes as low as 3% for BOTH agents and their brokers!

HOWEVER, our process ensures that all listing contracts are honored and agents split the traditional 6%. Guaranteed! Don't forget the look on the faces of the people you've helped either, we never do ;)

Q. How can you get short sales approved quicker than if I did it myself or hired other companies?

A. We pride ourselves on having the experience and dedicated staff necessary. The loss mitigators on the other end are VERY overworked. They may only have 2 minutes to look at your file and give you a quick call to request something. You may be with a client, out to breakfast, lunch or even dinner and you may miss this call, through no fault of your own. Never the less, the loss mitigator can easily never take a second look at it.

Missing this call can sometimes cost the entire deal! Let us worry about the calls, you focus on getting more clients and helping more people! To DATE, we have seen no one providing this service without doing some... ahem... questionable practices.

Q. Why shouldn't I do this myself?
A. Well, for one thing, we will essentially pay you or your agent for the opportunity. We also pay 1% to the listing broker on top of all the HUD commission! Which is more than you will be able to make in most cases. We also think you should focus on your clients and your business. Did I mention our un-ending commitment to your deals?
Q. What about other liens? Does the Buyer get a clear title?
A. YES! We negotiate for ALL Jr. and tax liens. We make sure all town taxes are paid and as well as satisfying all judgments. Sales contracts state "as is" because that's how the banks demand it.
Q. Does the borrower have to file bankruptcy?
A. NO! Only an attorney can legally advise anyone to file for bankruptcy. We would NEVER ask anyone to do that. And you should be weary of anyone who might who isn't an attorney!
Mission Statement

Our goal is to provide world class service in a timely fashion. Unfortunate circumstances have provided us with a chance to help make things right. We believe in helping our community and helping the market level off. We believe in keeping houses maintained and neighborhoods taken care of.

We Believe in the right of homeowners who are facing foreclosure to have the opportunity to help themselves. We believe in a fair approach. we believe in a safe alternative to a bank auction that won't leave anyone feeling like they were robbed. We don't stick our hand in the middle, we only take an honest commission for an honest day's work. No more than an agent, the rest is for the debt to be paid and the homeowner leave with their dignity in tact.

We believe anyone in this situation deserves all the rights of a regular seller. No less.

If you have a problem with this style of business, feel free to contact us.