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Frequently Asked Questions
Why do more and more people seem to be facing foreclosure these days?
There are many factors affecting local and national foreclosure rates and any of them could unexpectedly impact anyone. Today, more and more people are feeling the direct financial impact of adjusting rates on homes financed with Adjustable Rate Mortgages (ARMs) and the expenses of major home repairs or increasing property taxes. Other homeowners are struggling due the indirect financial impact of sudden onset life-changes such as changes in marital status, health issues, death, change of employment status, or a change of income level. The good news is that many people affected by these types of circumstances and facing foreclosure can be helped with a Short Sale. The Home Sales Remedy team can help you determine if this is a good option for you.
There are many factors affecting local and national foreclosure rates and any of them could unexpectedly impact anyone. Today, more and more people are feeling the direct financial impact of adjusting rates on homes financed with Adjustable Rate Mortgages (ARMs) and the expenses of major home repairs or increasing property taxes. Other homeowners are struggling due the indirect financial impact of sudden onset life-changes such as changes in marital status, health issues, death, change of employment status, or a change of income level. The good news is that many people affected by these types of circumstances and facing foreclosure can be helped with a Short Sale. The Home Sales Remedy team can help you determine if this is a good option for you.
What is a Short Sale?
A Short Sale is an arrangement between the current owner of a home and the bank/lender that lent them the money to buy their home to accept a sale offer for less than the total amount owed to pay off the home and avoid a foreclosure situation. The result is the sale of a client's home at slightly below market value, allowing the home seller to avoid the negative impact of foreclosure on their lives, the buyer to get a great deal on their new home, and the seller's mortgage holder to avoid the costly and time consuming foreclosure process.
A Short Sale is an arrangement between the current owner of a home and the bank/lender that lent them the money to buy their home to accept a sale offer for less than the total amount owed to pay off the home and avoid a foreclosure situation. The result is the sale of a client's home at slightly below market value, allowing the home seller to avoid the negative impact of foreclosure on their lives, the buyer to get a great deal on their new home, and the seller's mortgage holder to avoid the costly and time consuming foreclosure process.
Can anyone qualify for a Short Sale?
There are many factors that affect a homeowner's ability to qualify for a Short Sale. In most cases, to qualify for a Short Sale a homeowner will have had to have already missed payments, demonstrate a genuine hardship that created the inability to meet mortgage obligations and have little or no equity in their home. A consultation with a member of the Home Sales Remedy team will help to determine how strong of a candidate you are for a Short Sale and whether your needs can be addressed effectively with a traditional sales process.
There are many factors that affect a homeowner's ability to qualify for a Short Sale. In most cases, to qualify for a Short Sale a homeowner will have had to have already missed payments, demonstrate a genuine hardship that created the inability to meet mortgage obligations and have little or no equity in their home. A consultation with a member of the Home Sales Remedy team will help to determine how strong of a candidate you are for a Short Sale and whether your needs can be addressed effectively with a traditional sales process.
How will a Short Sale impact my credit score compared to the impact of a foreclosure?
A Short Sale generally limits credit score impact to score
reduction(s) related to the missed mortgage payments. There is no foreclosure and none of the impact associated with a foreclosure. In fact, with diligent care, many Short Sale sellers can qualify to buy a home again in as few as two years.
A Short Sale generally limits credit score impact to score
reduction(s) related to the missed mortgage payments. There is no foreclosure and none of the impact associated with a foreclosure. In fact, with diligent care, many Short Sale sellers can qualify to buy a home again in as few as two years.
Does the type of mortgage make a difference?
Yes, it does. There are differences between Short Sales for Conventional, VA and FHA loans. Lender requirements vary from company to company and there are also differences in the procedures/requirements for homes with 1st and 2nd mortgages. In the initial consultation meeting with a member of the Home Sales Remedy team we will discuss the specifics that affect each individual homeowner, helping you to understand the options and best plan to sell your home to avoid foreclosure.
Yes, it does. There are differences between Short Sales for Conventional, VA and FHA loans. Lender requirements vary from company to company and there are also differences in the procedures/requirements for homes with 1st and 2nd mortgages. In the initial consultation meeting with a member of the Home Sales Remedy team we will discuss the specifics that affect each individual homeowner, helping you to understand the options and best plan to sell your home to avoid foreclosure.
Is there any financial compensation for the seller in a Short Sale transaction?
Generally no. For FHA Short Sales there is a seller participation incentive of up to $1,000. For Conventional and VA Short Sales there is not usually any financial compensation for the seller.
Generally no. For FHA Short Sales there is a seller participation incentive of up to $1,000. For Conventional and VA Short Sales there is not usually any financial compensation for the seller.
Is there any direct financial impact to the seller in a Short Sale transaction?
Currently, the IRS considers forgiven debt as taxable income and seller in a Short Sale transaction can expect to receive a 1099 form from their lender for the amount of debt forgiven in a Short Sale. For the most current tax implications of a Short Sale and how those implication may affect you, Home Sales Remedy and Keller Williams Realty - Dallas City Center recommend that you speak to your CPA, financial advisor or other tax professional.
Currently, the IRS considers forgiven debt as taxable income and seller in a Short Sale transaction can expect to receive a 1099 form from their lender for the amount of debt forgiven in a Short Sale. For the most current tax implications of a Short Sale and how those implication may affect you, Home Sales Remedy and Keller Williams Realty - Dallas City Center recommend that you speak to your CPA, financial advisor or other tax professional.
Does Home Sales Remedy or Keller Williams Realty - Dallas City Center charge a fee or receive other financial compensation for its services?
There is no fee to the homeowner for our services. Keller Williams Realty - Dallas City Center is a real estate brokerage licensed in the State of Texas and all agents working as part of the Home Sales Remedy team are Agents or Broker Associates also licensed in the State of Texas, and as such normal real estate commissions are received as part of the proceeds from the sale of any home. In a Short Sale, these commissions are paid by the lender as part of their proceeds received, not the homeowner.
There is no fee to the homeowner for our services. Keller Williams Realty - Dallas City Center is a real estate brokerage licensed in the State of Texas and all agents working as part of the Home Sales Remedy team are Agents or Broker Associates also licensed in the State of Texas, and as such normal real estate commissions are received as part of the proceeds from the sale of any home. In a Short Sale, these commissions are paid by the lender as part of their proceeds received, not the homeowner.
If I sell my home in a Short Sale, where will I live?
Home Sales Remedy agents are licensed real estate agents affiliated with Keller Williams Realty - Dallas City Center. This powerful connection with Keller Williams gives our clients access to properties for lease throughout the Dallas/Fort Worth metroplex and to other agents across the country.
Home Sales Remedy agents are licensed real estate agents affiliated with Keller Williams Realty - Dallas City Center. This powerful connection with Keller Williams gives our clients access to properties for lease throughout the Dallas/Fort Worth metroplex and to other agents across the country.
Wow! I'm impressed with what I've seen, but do not need a Short Sale solution to sell my home. I would, however, like to have the Home Sales Remedy team list my home for sale as my agent. Do you represent clients wishing to sell their homes in the traditional manner (i.e. without lender concessions)?
Yes! All of the agents on the Home Sales Remedy team are licensed real estate agents and are happy to work with you on the sale of your home or property. In fact, many of the techniques we use in effectively pricing and marketing homes for our Short Sale clients translate exceptionally well to more traditional homes sales and can help us to deliver results in line with your personal goals regarding your home sale. Please contact us today using the "Contact" tab on this website or call us directly at 469-449-9840 and we will be happy to schedule a listing appointment.
Yes! All of the agents on the Home Sales Remedy team are licensed real estate agents and are happy to work with you on the sale of your home or property. In fact, many of the techniques we use in effectively pricing and marketing homes for our Short Sale clients translate exceptionally well to more traditional homes sales and can help us to deliver results in line with your personal goals regarding your home sale. Please contact us today using the "Contact" tab on this website or call us directly at 469-449-9840 and we will be happy to schedule a listing appointment.
I am interested in pursuing a Short Sale to sell my home and would like to determine if I am a candidate. How can I take the next step?
That's why we are here! The Home Sales Remedy team of agents recognizes that anyone facing foreclosure is facing issues beyond just their mortgage woes and we want to help. It's why we have chosen "Helping you move forward." as a motto. You may contact us using the "Contact" tab on this website or call us directly at 469-449-9840 and we will be happy to schedule a consultation appointment.
That's why we are here! The Home Sales Remedy team of agents recognizes that anyone facing foreclosure is facing issues beyond just their mortgage woes and we want to help. It's why we have chosen "Helping you move forward." as a motto. You may contact us using the "Contact" tab on this website or call us directly at 469-449-9840 and we will be happy to schedule a consultation appointment.
I am interested in learning more about career opportunities in Real Estate with Keller Williams Realty and/or Home Sales Remedy. How can I learn more?
On the "Home" page of HomeSalesRemedy.com there is a box on the lower half of the page labeled "Careers". Please click on that box and review the information about a career in Real Estate with Keller Williams Realty.
On the "Home" page of HomeSalesRemedy.com there is a box on the lower half of the page labeled "Careers". Please click on that box and review the information about a career in Real Estate with Keller Williams Realty.
I am a Real Estate agent interested in being a referral source or referral point for clients and Short Sales in areas other than the Dallas/Fort Worth metroplex. How can I get on your approved referral agent list?
Please use the "Contact" tab on HomesalesRemedy.com to express interest and a member of the Home Sales Remedy team will be happy to contact you to discuss this opportunity at greater length.
Please use the "Contact" tab on HomesalesRemedy.com to express interest and a member of the Home Sales Remedy team will be happy to contact you to discuss this opportunity at greater length.
I am a member of a social, community or religious group that would be interested in having Steve Shatsky or another member of the Home Sales Remedy team speak at one of our meetings or events. Is this possible and if so, how can we schedule a speaking engagement on Short Sales for our members?
Again, that's why we are here! Spreading the news about Short Sales and how people's lives can be improved using them as a sale option is a part of what we do. We also like to talk and meet new people, so we love the opportunity to talk to groups about Real Estate issues and how passionately we feel about Short Sales as a foreclosure alternative. To schedule our participation in an event or to schedule a speaking engagement you may use the "Contact" tab on this website or call us directly at 469-449-9840.
Again, that's why we are here! Spreading the news about Short Sales and how people's lives can be improved using them as a sale option is a part of what we do. We also like to talk and meet new people, so we love the opportunity to talk to groups about Real Estate issues and how passionately we feel about Short Sales as a foreclosure alternative. To schedule our participation in an event or to schedule a speaking engagement you may use the "Contact" tab on this website or call us directly at 469-449-9840.
It has finally happened. The Short Sale shift has arrived and I have seen it.
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