A Letter From the President of Short Sale Pros, Bruce Carroll
Clearly, nobody could have imagined the current financial and housing problems hard working, patriotic Americans are dealing with today. In fact, the Wall Street Journal described today’s dilemma as the “worst financial crisis since the great depression of 1930”. It begs the question, “is this the tip of the iceberg?”
As this nation and its citizen’s travel through times of financial and economic uncertainty, we remain committed to maintaining the highest standards of integrity and strengthening our position as the Short Sale Professionals.
Founded upon a culture of industry knowledge, leadership, experience and success, we work with real estate agents, banks, lenders, title companies and homeowners with legitimate hardship to avoid foreclosure and see the advantages of a short sale. These reasons include:
- Banks/Lenders recognize foreclosures often drag down surrounding property values.
Studies have shown properties are worth even less after a foreclosure than if they had been sold short.
Banks/Lenders are in the business of loaning money and do not want to hold nonperforming assets in their portfolios.
Banks/Lenders know it is far easier to sell a home with someone living in it than not and have no desire to pay utility bills, taxes, interest, legal fees, repairs or the other recurring maintenance costs of a foreclosed home.
If a homeowner walks away or the bank forecloses, in almost every case, the bank pursues the homeowner for the deficiency. In a short sale, we are very successful exonerating the homeowner for the difference or gap between what their home sells for and what they owe.
If a homeowner walks away or the bank forecloses, the homeowner’s credit score drops 400 plus points and usually can’t qualify to get into another home for 5-7 years. In a short sale, credit scores drop usually no more than 200 points and the homeowner can get into another house in as little as two years.
By definition, the short sale is simple to understand: a home that sells for less than the amount owed by the homeowner to the lender. The enemy however, is the process. Getting the lender to realize there is hardship and that in fact, it is the best option for all involved can be challenging to say the least.
Whether you are the distressed homeowner, a real estate professional representing a distressed homeowner, an investor or a bank/lender, you are assured of quality and expert service throughout this process. Our diverse and specialized team of real estate lawyers, title experts and mitigation specialists collaborate with the lender making it simple for the lender to make a favorable decision to accept the short sale offer.
When the Short Sale Professionals become involved in the process, everybody wins! The distressed homeowner wins because they get out from under a home they can’t afford and most often, exit with limited or no liability between the amount owed and what it sells for. The bank or lender wins because they take non-performing assets off their books avoiding the long term administrative and carrying costs associated with foreclosure. Buyers win because they secure a valued piece of real estate at competitive pricing. And real estate agents and title companies win because they retain their fees and commissions.
While no one welcomes this housing predicament or the pain, frustration, anxiety and embarrassment that goes along with a short sale, there are options. In conclusion, you have my commitment we will work smart representing you through the entire process and we promise our experienced team will do everything possible to resolve this very challenging experience as quickly and painlessly as possible.
President, Short Sale Pros