Q. How is a Short Sale different than a Foreclosure?
A. The biggest difference may be the time it takes a borrower to rebuild their credit. A foreclosure will remain on your credit report for at least 10 years.
Future lenders may be inclined to look more favorably towards an applicant that “made an attempt to do the right thing” on a previous obligation instead of just walking away and forcing a lender to foreclose on their property.

Q. Why do a Short Sale? What are the benefits to the parties?
A. If you owe more on your property than it is currently worth and are having difficulty making the monthly payments, a short sale may help you avoid the devastating effects of a foreclosure. Lenders don’t like the foreclosure process any more than property owners do. Lenders will incur far more costs if they are forced to foreclose on a property, in addition to these additional costs, a foreclosure can often times take up to 12 months to complete.

Q. Do I qualify for a Short Sale?
A. Your lender will consider a number of factors before they will agree to a Short Sale. Every deal is different, call us and we will discuss your situation.
We understand that this is a difficult time and all consultations are held in the strictest of confidence.

Q. Will I receive any money at closing?
A. No, the lender will apply all net proceeds from a Short Sale to the balance owed on the mortgage.

Q. How much will it cost me to do a Short Sale?
A. Usually nothing, in most Short Sales all of the costs associated with the transaction are paid by the lender including property taxes and HOA fees.

Q. How long does a Short Sale take?, I need to get out NOW!
A. A Short Sale takes about 60 days to complete and sometimes longer. This complicated process takes time, the sooner you act, the greater the likelihood that a foreclosure can be avoided. DO NOT WAIT!

Q. How much time do I have before my lender will foreclose on my property?
A. The foreclosure process in Texas takes 21 days, which is one of the most aggressive foreclosure processes in the nation. Many property owners are making the mistake of not taking any action to avoid a foreclosure until it’s too late.

Q. How late in the pre-foreclosure process can a Short Sale be started?
A. Try to allow a window of least 90 days for us to effectuate a lender approved,
pre-foreclosure Short Sale.

Q. Can any licensed real estate agent assist me in a Short Sale situation?
A. Yes, but keep in mind that usually you will only get one shot to succeed in a Short Sale transaction. It is highly recommended that you deal with a company experienced in Short Sale negotiations that can properly represent your interests.

Q. What tax liability will I have as a result of a Short Sale?
A. Every deal is different. We highly recommend that you consult with a competent accountant that has experience dealing with real estate matters.