Help for Homeowners- Short Sales and Foreclosures

Intero has over 20 agents trained in Distressed Properties and Default Resolution, who have represented buyers and sellers in over $8 million Short Sale and Bank Owned Properties to date in 2009. Ten of our agents are designated Certified Default Resolution Specialist designations, CDRS, and four are Certified Distressed Property Experts, CDPE.

Short Sales
A short sale is defined as a transaction where a lender allows a distressed homeowner to sell their home at a price less than the borrower's outstanding balance (or borrowers' cumulative balance if more than one mortgage or a home equity line). If you meet the criteria for a short sale, it will impact your credit rating for 2 years, which is much better than the 5 year hit you will face in a foreclosure. Bankruptcy is also more detrimental to your credit, and even if only one spouse is on the note or resorting to bankruptcy, your spouse may also be held accountable.

The Good News
Most banks would rather negotiate a short sale with a homeowner in the rears rather than foreclose and put more resources into selling the home as an REO. Lenders who stand in second or third position as mortgage holders or lines of credit also stand to be wiped out if the property is foreclosed on, and would much rather realize a portion of what is owed to them through short sale and avoid being potentially wiped out in a foreclosure.

Intero Short Sale Services
We have successfully negotiated a number of short sales on behalf of sellers. We have worked closely with loss mitigators and negotiators who make the decisions regarding short sale properties, and in some cases, are able to shorten the normal negotiation period from 2 months to 3-4 weeks. We have successfully negotiated two recent new construction homes that went to short sale. We closed both sales, the first took approximately 8 weeks and sold for $3.65 million, the second took only 3-1/2 weeks and closed at $4.5- both sales involved multiple lenders and we were able to negotiate a significant reduction in the payoff amounts to lenders. We have worked with a wide range of price ranges in short sales, including a recent property trade and helping with housing after the sale. We help homeowners with reative real estate solutions.

Short Sale Qualifications
Lenders typically want to see hardship, often payments in the rears but homeowners should not wait until they are behind in payments before getting help. We work with loss mitigators to help before you go down that road.

Estimated HUD-1 showing net payoff to lender (at proposed purchase price)
A hardship letter from the seller stating why they need relief
A current financial statement showing income and expenses
Bank statements for past two months of banking activity
Pay stubs for a minimum of the past two pay periods
Tax returns for past two years

Contact Leslie Henderson, NVShortSaleExpert.com at 775-284-8316 or email lhenderson@interoreno.com for help today!