Welcome or Register
  Celebrity DFW Real Estate Group
              Se Habla Español
 
       Phone: 469-221-9004
         Fax: 888-865-8942


  Email: info@celebritydfw.com

     
     

Short Sale Dallas Fort Worth


What is a Short Sale? Dallas Fort Worth

Short Sale Dallas Fort WorthA short sale is when a homeowner sells their house for less than their remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance, if negotiated properly.

Due to the turbulent economic times, a short sale has become a popular option to avoid foreclosure in Dallas and across the country that allows the homeowner to have some control over the outcome of the sale of the home. A homeowner must provide documentation to the lender showing an economic or financial hardship for the lender to agree to a short sale of the home.

Because the seller's mortgage company must be involved, selling a home in a short sale effectively becomes a three party sale involving the buyer, the seller and the seller’s mortgage company with all parties having to agree to the terms of the sale.

If you are considering requesting a short sale from your lender it is extremely important that you work with a DFW Real Estate Agent that is experienced in negotiating these types of transactions. Short Sales take a specialized skill set and experience level since these types of transactions require detailed paperwork and extensive negotiation with lenders.

We are SHORT SALE DALLAS SPECIALISTS and have the experience and extensive training required to successfully process and negotiate your short sale.

 

TAKE ACTION - AVOID FORECLOSURE DALLAS!

If you believe a short sale may be right for your situation or need more information, take action today and contact us! Timing isAvoid Foreclosure Dallas Fort Worth extremely important when requesting a short sale from your lender. The longer you wait, the more difficult it will be to perform the short sale and avoid foreclosure Dallas.

Foreclosure does not have to be the only option for you. Visit our Avoid Foreclosure Dallas-Fort Worth page to learn more about some of these options. A foreclosure won’t just wreck your credit and ability to buy another home for years to come, but can have your lender coming after you for the difference between what you owed them and what they had to end up selling for, also called a deficiency judgement. If you are in this situation, don’t become one of the statistics when there are options to foreclosure availble for you. Speak to a Short Sale Dallas Specialist - Contact us Today! Avoid Foreclosure Dallas Fort Worth! 

Do you think a Dallas-Fort Worth Short Sale may be right for you? Do you live in any of these cities: Dallas, Addison, Allen, Argyle, Arlington, Balch Springs, Bedford, Carrollton, Cedar Hill, Coppell, Corinth, Denton, Desoto, Duncanville, Euless, Flower Mound, Fort Worth, Frisco, Garland, Glenn Heights, Grand Prairie, Grapevine, Haltom City, Highland Park, Highland Village, Hurst, Irving, Keller, Lake Dallas, Lancaster, Lewisville, Little Elm, Mansfield, McKinney, Mesquite, Murphy, North Richland Hills, Oak Point, Parker, Plano, Richardson, Richland Hills, Rowlett, Sachse, Saginaw, Seagoville, Southlake, Sunnyvale, The Colony, University Park, Wylie or somewhere else in the Dallas Fort Worth area?

We Can Help! Contact Us Today to speak to a Celebrity DFW Short Sale Dallas Specialist!

 

Benefits To a Short Sale vs Foreclosure

As a homeowner considering a Dallas Short Sale, you may be asking, what are the benefits to doing a short sale vs. a foreclosure? A Short Sale has some important benefits like managing the impact to your credit, finances and the ability to purchase a home in the future. Take a look below for more important benefits that a Short Sale offers you VS a foreclosure:



Issue

Short Sale Dallas

Foreclosure Dallas

Credit Score

A short sale itself will minimally affect your credit score, usually around 50 points. Late payments usually have the largest negative impact on your credit score from a short sale and can average 30 points or more each.

Your credit score could be lowered 300+ points and will stay on your record for 10 years!

Credit History

There is not a credit reporting item for a short sale.  Upon sale, your mortgage company will typically report the short sale as ‘Paid’, ‘Settled in full’, or ‘Paid as Negotiated’ on your report. 

A foreclosure will remain on your credit for 10 years and is permanent in the public records of your county.

Relocation Costs

You can receive incentives between $3,000-$10,000 in cash back depending on your lender and their programs to help with relocation costs. These are additional to all HAFA (Home Affordable Foreclosure Alternative) incentives.

A foreclosure will leave you with no home and no financial assistance from the lender to move on with your life.

Current Employment

A short sale is not an actual item on your credit report and typically will NOT affect your employment.

Your employer has the right and many times will actively check your credit if you are in sensitive positions.  Sometimes a foreclosure is grounds for immediate re-assignment or termination.

Future Employment

A short sale is not an actual item on your credit report and typically will NOT affect future employment.

Employers do check your credit history for many job applicants.  A foreclosure is one of the most negative items you can have on your credit and may affect future employment.

Future Loan with a Mortgage Co.

You typically do not have to declare to future mortgage companies that you previously performed a short sale.

On the federally mandated standard loan application, form 1003, you will be required to answer ‘YES’ to the question ‘Have you had property foreclosed upon or given title or deed in lieu thereof in the past 7 years?’ Answering ‘yes’ affects the interest rate you will receive.

Future Fannie Mae Loan –

Primary Residence

After a successful short sale you may be eligible for a Fannie Mae backed loan after only 2 years.

After a foreclosure you will be ineligible for a Fannie Mae backed loan for a minimum of 5 years.

Future Fannie Mae Loan –

Non-Primary

After a successful short sale you may be eligible for a Fannie Mae backed loan after only 2 years on non-primary residences.

After a foreclosure you will be ineligible for a Fannie Mae backed investment loan for a minimum of 7 years.

Deficiency Judgment

It is typical for the lender to give up the right to pursue a deficiency judgment against the borrower.  This is stated in approval letters.

The bank has the right to pursue the deficiency judgment in all foreclosures (except in states where there is no deficiency).

Deficiency Amount

A short sale home is sold at a greater value in most cases than a foreclosure sale which results in a lower deficiency.  This deficiency is typically forgiven. This higher selling price helps to cut your lender's loss.

If the home does not sell at a foreclosure auction it will have to go through the bank REO system.  This will result in a longer sale time and potentially a higher deficiency judgment for the homeowner. 

 

We can help you Avoid Foreclosure in: Irving, Dallas, Addison, Allen, Argyle, Arlington, Balch Springs, Bedford, Carrollton, Cedar Hill, Coppell, Corinth, Denton, Desoto, Duncanville, Euless, Flower Mound, Fort Worth, Frisco, Garland, Glenn Heights, Grand Prairie, Grapevine, Haltom City, Highland Park, Highland Village, Hurst, Keller, Lake Dallas, Lancaster, Lewisville, Little Elm, Mansfield, McKinney, Mesquite, Murphy, North Richland Hills, Oak Point, Parker, Plano, Richardson, Richland Hills, Rowlett, Sachse, Saginaw, Seagoville, Southlake, Sunnyvale, The Colony, University Park, Wylie or anywhere else in the Dallas Fort Worth area! Contact Us Today!

Information from HUD about avoiding foreclosure.

http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

Information from Fannie Mae to help you avoid foreclosure:

http://www.knowyouroptions.com/avoid-foreclosure

Information from Freddie Mac to help you avoid foreclosure:

http://www.freddiemac.com/avoidforeclosure/

 

Equal Housing OpportunityMLS membershipREALTOR® certificationCertified Distressed Property ExpertShort Sales & Foreclosure Resource

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu