Services - Short Sale Expertise
What is a short sale? A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the mortgage balance that is owed by property owner. The holding the mortgage agrees to allow the home to be sold for less than the amount owed on the debt.
While the bank allows just about any borrower to qualify for a short sale due to the rough economic conditions present, the process is very complex and can be extremely frustrating for all parties involved.
While most real estate professionals spend their time complaining about banks and running away from these types of transactions, we run towards them to embrace the challenge.
Why do we target short sales? The Rec Group has cultivated a unique approach developed through experience dealing with every major lender in the country. There are three major components that are crucial to getting short sale transactions completed.
- Property Due Diligence - Within 48 hours we have a full lien and judgement search conducted to make sure we address any issues that could potentially stall a closing before it takes place. Our preferred partner, Friedman Law Associates, P.C. represents the homeowner. After conducting a thorough loss mitigation call with the lender, we can determine who owns underlying mortgage(s). After performing a property evaluation and a market analysis, we can use our vast experience with every major lender to determine an approximation of what the strike price will be.
- Communication & Protection For The Homeowner – It is crucial to communicate with homeowner through every step of the short sale process. The Rec Group can give the seller comfort by explaining in detail, every step of the process and by setting the expectations; thereby eliminating fear of the unknown. The homeowner is represented with no out-of-pocket cost through our preferred partner, Friedman Law Associates, P.C. providing a peace of mind and “worry free” experience. We know exactly what paperwork needs to be submitted and what contact at the bank it needs to go through.
- Closing The Deal – Buyers and investors want one thing, a great value and a quick closing. By combining proper due diligence, evaluation and communication; offers are submitted fast, we anticipate what the bank will counter with, and our process synergy allows us to get deals faster than the rest of the competition.