Questions
What is a Short Sale?
Who is Short Sale Assistance Group LLC?
How long does the process take?
Why do the lenders need so much information from the sellers?
What are the affects of a short sale on the seller’s credit report?
Does SSAGMN ever offer money to the sellers?
Answers
A ‘Short Sale’ is in essence a discount that a mortgage lender is willing to accept off of the original balance of a loan (mortgage) encumbering real estate. Lender(s) will typically consider a short sale on properties that have little or no equity and are either behind in payments or in imminent danger of being behind. Back to Top
Who is Short Sale Assistance Group LLC?
We are a short sale outsourcing, negotiation, and consulting service who works with Realtors, Sellers and Lenders. We are also:
- Here to assist realtors with short sales
- Here to provide solutions for sellers and lenders alike
- 6+ years experience in short sales Back to Top
How long does the process take?
The Short Sales process contains many phases and can be a lengthy process. The time can vary depending on the cooperativeness of the homeowner and the mortgage lender(s). Typically, short sales will take up to several months from the time S.S.A.G receives the completed short sale package to the closure date. As complicated as is, it is important to be patient during this process. It is also extremely important to coach your seller’s through this timely process. Back to Top
Why do the lenders need so much information from the sellers?
The lenders require all the information to be complete. As stated before, a short sale is much like underwriting a loan in reverse. The lenders require certain documents to justify taking a loss on the property. Keep in mind if lenders do not receive the documentation they need, they will just set the file aside. They have so many files to process that don’t have the manpower to work on incomplete files. Back to Top
What are the affects of a short sale on the seller’s credit report?
- A short sale is much better than a foreclosure on the credit report
- A short sale is much better than a deed in lieu on the credit report
- A short sale will look much like a charge off on the credit report
- A short sale could help in the future – it shows you tried working with the creditor through a difficult situation Back to Top
Does SSAGMN ever offer money to Sellers?
No. Every payoff letter we receive does not allow sellers to gain from the proceeds of a short sale. The lender figures that the sellers have already used all the equity in their home. Back to Top