Short Sale FAQs | Hermann London Real Estate Group

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Short Sale FAQs

HOW MUCH DOES IT COST?
-Nothing. Unlike other companies, we charge absolutely nothing upfront. Our fees/commissions are paid by the lender, not you! We do not earn anything unless we successfully complete your short sale.

CAN I SHORT SALE IF I'M CURRENT ON PAYMENTS OR IF I'M IN THE PROCESS FOR A MODIFICATION?
-Yes

CAN I SHORT SALE IF I AM BEHIND ON PAYMENTS?
-Yes

WHAT IS YOUR EXPERIENCE WITH SHORT SALES AND NEGOTIATING WITH LENDERS?
-We deal with banks/lenders everyday and have developed direct relationships with some of the largest lenders in the country. We are not just limited to simply having negotiators, we have an entire team dedicated to lender relations whose sole job is to ensure smooth transactions. We are licensed Missouri Realtors, we abide by the strict Code of Ethics.

WILL I HAVE TO MOVE OUT IMMEDIATELY IF THE LENDER AGREES TO THE SHORT SALE?
-No. Even if someone makes an offer on the house immediately, it can still take up to 3 months for the short sale to be approved by the bank.

WHAT TYPES OF REAL ESTATE CAN I SHORT SALE?
-Any. It can be your primary residence, secondary home, or investment property. Single family homes, condos, and even vacant land qualify for short sale.

CAN ANY REALTOR HANDLE A SHORT SALE EFFECTIVELY?
-Unfortunately, a lot of agents claim to know how to complete short sales. 90% of short sales are unsuccessful when an inexperienced agent is involved. We pride ourselves on being experienced with short sales and having established relationships with some of the largest lenders in the country. We have perfected our negotiating skills and meet the specific lender guidelines to have your short sale approved.

CAN I SHORT SALE IF I ALREADY RECEIVED A FORECLOSURE NOTICE?
-Yes, in most cases, but time is of the essence, the quicker we can get in touch with the bank, the quicker we can get in touch with the bank, the quicker we can get the foreclosure stopped!

ARE THERE ANY TAX CONSEQUENCES?
-In 2007, The Debt Relief Forgiveness Act and Debt Cancellation was passed. This allows homeowners to short sale their property without tax consequences.

THIS SOUNDS TOO GOOD TO BE TRUE- IS IT?
-A lot of people ask us "why would a lender agree to take a short sale, knowing they're taking a loss on the property?" The average foreclosure costs the lender $40,000-$60,000. In addition, it’s very rare that the lender will sell a property for more than what the house would sell for in a short sale. The lender does not want the property back - they run the risk of liability and maintenance on a vacant property.

For more information regarding short sales, please contact Terry Gerling at (636) 262-1406

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