Harrods Creek, KY

A short sale can enable an “upside down” house to be sold with no cost to the seller. The lender usually forgives all the shortfall.

Sellers sometimes think if it’s too good to be true then it can’t be true. Is it legit? YES!

Why would the bank forgive tens of thousands of dollars?

Many articles have been published illustrating that save 13% to 26% in a short sale compared to a foreclosure. It is very costly and risky for the banks to foreclose on a house. They do not want to own and operate houses, they want to settle and recover cash, not get the keys to a house that they have to dump cheap anyway.

There are many cases that the banks lose even more in a foreclosure. Houses are prone to vandalism, mold, water damage, city liens and fines and a variety of other maladies that diminish the value of the property and diminish the net to the lender.

In many cases the short sale is the best solution for the bank

It is not only legitimate, it is often encouraged by the lender. Bankruptcy attorneys and other formal advisors may suggest that a short sale just can’t be true. However, even if friends, family and others advise against a short sale, sellers should always seek the advice of the best short sale Realtor they can find. Also, not every real estate agent is a short sale expert.

Lenders approve short sales every day

Not only is it a legitimate solution, in most cases it is the best solution for homeowners who owe too much on their home and need to sell. Short sales can be done whether the seller is behind on payments or current on their mortgage.

One of the most common questions I'm asked by distressed homeowners is "How long does the short sale take?"

The real question behind the question is "When do I have to move?"

At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that;

(a) They don't have to pack up and move immediately

(b) They have time to save up some cash toward their moving expenses or to apply to whatever overwhelming life event caused them to fall behind on their payments in the first place.

So, interestingly enough, the bank's inefficient processing of short sales often provides a vital benefit to distressed homeowners.

Important note: It is the seller's sole discretion whether to make the mortgage payment during the short sale process. Realtors are not authorized to counsel sellers not to pay a valid debt. Seller's should be encouraged to seek competent legal advice.

Dave Halpern, Real Estate Broker

(502) 664-7827

Dave successfully closes dozens of short sales each year in Louisville, Kentucky. Dave has helped many homeowners avoid foreclosure and bankruptcy by skillfully procuring a short sale for them. The seller has zero out of pocket costs. The foreclosing lender pays all closing costs and commissions on behalf of the seller. Many Realtors in the Louisville area refer and outsource their short sales to Dave, due to his extremely high success rate.

http://www.LouisvilleShortSaleExpert.com

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Pat Killeen

Mortgage Advisor

Vandyk Mortgage
11408 Shelbyville Road

Louisville, KY 40243

(502) 708-1929 Office

(502) 805-0656 Fax

Email: pkilleen040@vandykmortgage.com

Web: http://www.4vandyk.com/branch40

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