Short Sales Explained

If you are a home owner facing Foreclosure, we may be able to help you through a process known in the industry as a “Short Sale.” A Short Sale is a process where we get your bank committed to accepting a reduced pay-off on your mortgage loan.

A Short Sale can help you avoid Foreclosure and save your credit!

A short sale can be an excellent solution for homeowners who need to sell property, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

Banks are changing requirements, procedures, and qualifications almost daily. We know how to deal with these changes correctly, making offers more effective. We have helped many homeowners in the same situation you may find yourself in. Alligator Property Management is on your side.

If you are facing Collection Proceedings or Foreclosure...

Alligator Property Management can speak to your bank about your current situation and take the pressure off of you. We can help you with:

Finding a buyer - we have buyers looking for homes right now
Reducing the impact on your credit standing

A foreclosure can impact your credit for up to 7 years but a short sale has much less impact to your credit

Creating a proactive plan with your bank for the future
Negotiating a "structured move plan" that will allow you to live in your home longer

We have helped clients stay anywhere between 45 days to 6 months longer than they thought they would be able to

Deferring collection calls from your bank

Understanding your options now could be the difference

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance or the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the value of the mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. We are ready to help you tackle this process. In a 15 minute phone call, we can explain to you all of your current options and help you solve your short sale situation.