what is a short sale? this presentation will explain to you exactly what a short sale is and how you...
TRANSCRIPT
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What is a Short Sale?
• This presentation will explain to you exactly what a short Sale is and how you may be able to overcome the problem of your home being worth less than what you owe on it.
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Presented by DFW Metro Housing
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Avoid ForeclosureThe very first thing to try is to contact your bank or Mortgage
company and try a loan modification
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http://www.dfwmetrohousing.com
Once a loan modification has failed than consider a short sale
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What is a short sale?
• Example:• Your owe $120000 on
your home but the market value is only $100000.
• The home is listed at $100000 and once you have a contract.
• You ask your mortgage company to accept $100000 for the home and take a $20000 loss on the home.
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This is a very basic explanation
• Of course there is a lot more involved buy I would as your REALTOR take care of all the paperwork
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Keep your Payment up to Date
• If you are up to date than you will be allowed to get another mortgage immediately and it will not effect your credit report.
• If you are behind in your mortgage than it will stop you from buying another home for 3 years
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Your Home must be listed on the MLS
• Your Mortgage company will require your home be listed with an agent on the MLS system before you can proceed with a short Sale Application
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The Mortgage Company will require to following
• 1) Short Sale Addendum• 2) Listing agreement• 3) HUD or Preliminary
Settlement statement• 4) TREC executed
contract• GOOD NEWS is your
Realtor will take care of all these documents for you.
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Contact us at http://dfwmetrohousing.com/contact%20december%202011.htm
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Thank you very much
• Please don’t’ hesitate to contact me 7 days a week for more information.
• Phone 972-625-2612 Office
• Cell 214-704-4005
• E-mail [email protected]
• Online Contact http://dfwmetrohousing.com/contact%20december%202011.htm