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This site is not intended or offered as legal advice. This information is provided for educational and information purposes only.
Explore this web site and learn why Nancy David is one of the Atascocita, Humble, and Kingwood real estate market's most knowledgeable and experienced professionals. Whether you are looking to buy or sell real estate in Atascocita, Humble, Kingwood or anywhere in the northeast Houston area, Nancy David looks forward to sharing her knowledge and passion for real estate and providing a world-class real estate experience.
A short sale is a situation in which the seller (1) owes more money on the loan (and any other liens on the property) that the sale of the property will likely produce on the market, and (2) is unable or unwilling to bring money to closing. The short sale or preforeclosure sale takes place when the lender allows the borrower in default to sell his/her home and use the net sale proceeds, including closings costs and Broker fee's, to satisfy the mortgage debt even though the proceeds are less than the amount owed.
In a short sale real estate transaction, the contract is between the homeowner as the Seller and the Buyer. However, there is a contingency on the contract in the form of a Short Sale Addendum, that allows a Seller a specified period of time to gain written consent from the lienholder to accept the net sale proceeds as full satisfaction of the Seller's liability under the mortgage loan, and to provide a release of lien against the property. Once this written approval is granted by the lienholder, the real estate transaction then proceeds to closing like any transacton. Contrary to a frequent misunderstanding, the contract is not between the Buyer and the lienholder or bank. But remember, the lienholder is involved in the transaction. The lienholder must grant acceptance of the sales contract and provide written approval of the short sale, and the closing must take place under the terms or the written lienholder approval, before foreclosure avoidance can take place.
Although a short sale does smudge the borrower's credit a bit, it can be less traumatic than a foreclosure report in a credit file.
A short sale can be emotionally and financially difficult for homeowners faced with this situation. Please know that you are not alone. I can discreetly and professionally assist you through this difficult time and process. Although there are no guarantees to foreclosure alternatives, understanding the possible option of a short sale is an important step and could help reduce the impact to credit and reduce the impact to your financial future.
View the Texas Property Code for complete information on the foreclosure process and for legal guidance or questions please consult an attorney.
I hold the Short Sale and Foreclosure Resource (SFR) certification from the National Association of Realtors. I am experienced in distressed property sales and short sales in the Humble, Kingwood, and Atascocita area. It is extremely important to work with Realtor that is knowledgeable and experienced in these types of transactions.
I have successfully completed many short sales for Humble, Kingwood, and Atascocita area clients and have worked with many banks and lenders through short sale transactions including Bank of America, Wells Fargo, Chase, Saxon Management, GMAC, Aurora Loan Services, Nationstar Mortgage and many others.
My top priority is to the assist in the needs of distressed homeowners and I can assist homeowners to try to avoid foreclosue and assist in the short sale process from the initial short sale request through closing.
If your loan is a Fannie Mae loan, please be sure to visit the Fannie Mae Short Sale Information page of their website.
Furthermore, there are some programs that allow incentives to the borrowers to help in relocation and we can ask lenders for eligibility requirements on these allowances or programs.
I will work very closely with home owners and assist in all details of the short sale from the initial contact with the bank or lender, working with title companies and other subordinant lien holders, to negotiating an approved short sale price and obtaining written short sale approval, right through to closing.
This site is not intended or offered as legal advice. This information is provided for educational and information purposes only. For legal guidance or questions please consult an attorney.
It is very important to work with an experienced real estate professional in a short sale purchase transaction. The sales process is very different from a regular real estate transaction and Buyers need a real estate professional familiar with the processes to set the right expectations and to guide Buyers through the entire process to reach a successful closing. I will help my clients navigate the procedures and I will use my experience and make suggestions to prepare the offer for the best chances of gaining short sale approval from the lienholder.
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