Short Sale Agents Columbus Ohio
We help homeowners Stop Foreclosure or Avoid Foreclosure
Welcome to Columbus Short Sale Pro. We are Central Ohio Short Sale Professionals and our service is designed to keep you from being foreclosed on while at the same time overcoming the obstacle of selling your home in an upside down market. We are SFR Certified by the National Association of Realtors (Short Sale and Foreclosure Resource). We have successfully completed short sales spanning the entire state of Ohio and have worked with every type of loan and every mortgage company known. Our experience and knowledge of the inner workings of the bank has given us the highest closing ratio in Ohio over 96%. Please see our quick answer guide below.
*If your home is at risk of going into foreclosure or upside down in value call today
Short Sale Defined? A short sale is simply a situation where an owner must sell their home but the amount they owe on the mortgage is higher than the market value of the property. Short sales are sometimes called Pre-Foreclosure Sales or Quick Sales. A short sale is usually the last option when other loss mitigation solutions such as a loan modification have failed or are not available.
Why would my lender do a short sale? At common fear of most people who are struggling to make their house payment is that their lender is going to foreclose and force them out of the house. The reality is mortgage lenders DO NOT want to foreclose on your home. The legal fees for a bank to foreclose are very expensive and it is a proven fact that after a foreclosure the bank acquires the property in much worse condition than a short sale. A short sale is you working with the bank to preserve their losses and the bank working with you to sell your house and preserve your credit. If you can no longer afford your mortgage payment your bank would much rather do a short sale than foreclose on your property. In the past few years the number of foreclosures has declined while the number of short sales has increased by about the same amount. This tells us that banks are more in favor of a short sale than a foreclosure.
Will my lender try to collect the unpaid balance? The quick answer is no. With most deed-in-lieu and foreclosures the bank reserves the right to collect on you at a later date. With a short sale this is not the case. A normal short sale approval letter states that the bank waives the deficiency balance meaning that they will not try and collect the unpaid balance at a later time. On all FHA and HAFA short sales this is automatically the case that the bank will not try and collect later. In some rare situations we have had sellers who were forced to sell and had lots of money still in the bank and could still afford their house payment. In these situations the bank asked the seller to contribute money at closing and the sellers were ok with the terms. This has only happened in rare situations. Normally your bank will charge off the balance and you will not pay any money toward doing the short sale. The bank will even cover all of the selling fees. You pay zero money.
Will I have to pay taxes on the money the bank loses? Currently the US government has in place “The Mortgage Forgiveness Debt Relief Act and Debt Cancellation”. This Act states that you are not required to pay taxes on the loss incurred by the bank. This was not always the case. Prior to 2007 if you did a short sale you would pay taxes on the amount of money lost by the bank. This Act applies to your primary house. If you are doing a short sale on a rental property the rules are different. Please call us to discuss your unique situation. Disclaimer: As real estate agents we are not authorized to give tax advice. Please consult with your tax professional to advise you on taxes.
Can my lender take my 401k, car, savings etc.? Your Lender cannot take your retirement, savings, car, other home, kids or dog. This is not possible and would not be a short sale. Your short sale approval letter will define the terms set forth by your bank. Once they waive the deficiency they cannot pursue you in any other way. It is possible after a foreclosure they could file a lien on you or your assets but this would not be normal with a sort sale and we have never seen this happen with a short sale. Disclaimer: As real estate agents we are not authorized to advise you in legal matters. If you have concerns about what your bank might or might not do in a short sale you should seek legal counsel.
How long does a short sale take? All short sales are unique and work differently. Not all lenders are alike. If your short sale falls under the terms of HAFA or is an FHA Short sale that can also effect time frames. Our team closes over 96% of our short sales. Most of our short sale approvals are done within 45 to 60 days. The industry average for a typical real estate agent is around a 20% success rate and most agents will take 10 months to a year to get a short sale approved. Because most agents lack experience the sale usually ends up in foreclosure. We have closed hundreds of short sales and have a track record that is unbeatable. You should never place this highly technical and detailed transaction in the hands of a real estate agent who hasn’t worked many short sales. The odds are you will be foreclosed on.
How much will this cost me? All selling fees are absorbed into the short sale. You WILL NOT pay taxes, fees, commissions, repairs or any other fees associated with the sale. Some short sale services will charge you an upfront fee. Our services are FREE to you. We get paid by your lender at the successful closing of your short sale.
Do I have to be late on my payments to do a short sale? Sometimes you may not need to be late on your mortgage to complete a short sale. However it will depend on the bank we are dealing with and the type of loan you have. Remember the purpose of a short sale is to help people in a hardship situation who can no longer make their house payment. A reason for NOT approving a short sale is: You don’t like the ugly house across the street and want to move. An approved bank short sale requires a true hardship.
Call (614) 361-0968 for an informative phone consultation.