Finally, Find out The Truth about Short Sale!

What is a Short Sale?

A short sale is when you sell your home for less than what you owe on it and your lender(s) give a special approval to sell your home at a reduced price.

Am I still responsible for closing costs, commissions, etc. if I short sale my home?

Surprisingly no. All commissions, title fees, closing costs are paid by your lenders. Remember most lenders would rather pay these minimal costs than foreclose on your home, pay attorney's fees and the expense of maintaining your property until they can sell it.

How do I know a short sale is my best option?

Typically a short sale will end up costing your lender less money than if they foreclosure on your home. Unless you have equity in your home to refinance, can afford to pay a cash difference at closing or would rather let your home go back to the bank, a short sale is the best option for you. everyone's situation is different so please submit your information in the "Contact Us" area and we can schedule a phone call or meeting to discuss the specifics of why you are considering a short sale.

Do all lenders approve short sales?

The biggest downfall of short sales is that not all of them close. The national average is only 23%! That is why its so extremely important to make sure you hire a professional who is experienced not only in real estate but high volume short sale transactions. Our team has closed 87.5% of all short sales we have listed in the past 12 months.

How do I know if I qualify for a short sale?

Typically homeowners sell their home as a short sale due to a financial hardship. Unfortunately, unless you can prove to your lender a hardship is evident you will not be able to short sale your home. Hardships include but are not limited to: Illness or injury, job loss, forced relocation, divorce or unforseen adjustment in living expenses. If you're not sure if you qualify feel free to call Travis John at 855-275-4653 and he will be happy to qualify you. All this takes is a moment of time and there is no cost to you.

What if I have multiple loans?

There are a lot of people who have multiple loans on their homes. We will work with both your lenders to get them to cooperate and settle your liens.

I'm not delinquent on my payments can I still short sale?

There are some lenders who are allowing to short sale before you become late on your payments. Unfortunately most of them require for you to be late in order to consider you a candidate. The best way to find out is to speak with your lender before to see what their requirements are.

How does this affect my credit?

Remember the purpose of a short sale is to avoid a foreclosure. A foreclosure on your credit report will make a severely negative impact, not to mention it will stay on your credit report for at least 7 years. A short sale does affect your credit negatively but typically only for about 2 years (many have had their credit repaired in only a few months). There are now a few lenders offering home loans to Buyers right after doing a short sale.

What percentage of Short Sale Listings do you successfully close?

We are proud to have closed 87.5% of our short sales over the past 12 months. The national average is only 23%!

What about the other 12.5%?

The other 12.5% is generally made up of customers who have received loan modifications, chosen to file for bankruptcy, opted to do a deed in lieu or ran out of time to short sale their property.

What is the motivation for the banks to do a Short Sale?

There are several reasons a Bank will prefer a short sale over a foreclosure. The most obvious is that the bank's lose an average of 57% on a foreclosure property where short sale's have an average loss of 36%.

Will I get a big Tax Bill by doing a short sale?

This is question we get all the time. We are not Accountants and recommend to all of our clients to get advice from one prior to doing a short sale. However, if you are selling your primary residence as a short sale there has been federal legislation implemented to protect homeowners doing a short sale. It is called "The Mortgage Forgiveness Debt Relief Act 0f 2007". This law went into effect to essentially make short sales possible for sellers that are selling a "primary residence" and protect them against the negative financial implications or tax consequences of doing a short sale. Again this is good news but I urge you to get specific advice from a certified public accountant prior to doing a short sale. Read more on the IRS website: http://www.irs.gov/individuals/article/0,,id=179414,00.html

What if I have 2 Loans?

Short Selling a home with multiple loans is NOT impossible. It is more work to have to negotiate payoffs between more than one lender but we have successfully closed deals in the past with two or more lenders.

Should I stop paying my mortgage?

It is your decision whether or not to choose to stop making payments on your home. Most of our clients do not even have a choice. MOST lenders require you be late on your payments in order to short sale but some do not. It is in your best idea to call your lender(s) and ask them what their requirements are before we start the short sale process on your home.

Do I have PMI (Private Mortgage Insurance)?

If you did not put at least 20% down or more on your property when you purchased it there is a very high change you have PMI on your property.

Can they say no?

Yes. Although it does not happen very often there are times when lenders might not agree to short sale your home. The only way to find out the terms they are willing to accept is to try to go through the process.

Can my family member buy my short sale?

Yes. Your family member can buy your short sale HOWEVER there are some lenders that require you to sign an Arm's Length Transaction Agreement which prohibits you to do so.

Why don't I just foreclose?

It's easy to want to just give up when you're doing a short sale. It can be a very stressful process. Why foreclose on your home when you have the chance to sell it? Many people who foreclosure on their homes are sued by their lenders for the entire deficiency of their mortgage. At that point most people even file for bankruptcy. This can be detrimental to your credit for 7-10 years or more!

How long will it take me to regain my lost equity?

Visit this handy calculator that will tell you instantly! http://shortsale.pro/should-i-walk-away-calculator/

What types of properties do you handle?

We handle all types of residential properties, homes, condos, townhomes, and vacant land. Typically we represent properties with a current market value greater than $100,000.

What is a Forbearance Agreement?

A Forbearance Agreement is a written agreement with your mortgage company in which you arrange to keep your home. A willing borrower can make payment, may request forbearance from the lender. Forbearance allows payments to stop temporarily or decrease in amount for a specific length of time. This can either have a forbearance of the principal, interest, or both.

Can I simply deed my property to someone else and avoid the hassle?

Deeding your property to someone else is possible, it's not recommended. You are still considered the primarily responsible for the payments on the loan. If the loan is not paid, the lender can foreclose and will show on your credit. Consult an attorney before deeding your property to someone else.

Who benefits from the Short Sale?

Both the lender and the mortgage holder can benefit for the short sale. The holder of the mortgagor can receive a majority of their money back, and avoiding foreclosure and selling the property as bank-owned.

How long will a short sale take?

Depending on your situation, a short sale can go from 2-8 months. This typically includes negotiations, marketing the property and closing.

Will I have a higher interest rate on future mortgages or will they be harder to obtain?

It depends on the agreement you make with your lender. If you have a promissory note for the deficiency, then the damage to your credit might be minimal and you should not have a problem obtaining loans in the future.

I filed Bankruptcy. Can I still be considered for a Short Sale?

Yes, if it is discharged this is the best means to get rid if the liability of the real property. If you are currently in BK  there is a process of noticing your lender(s) that you are doing a short sale, this is done by your BK attorney.

Travis John and his team were lifesavers when I was being relocated and needed to sell my house quick even though it had lost a lot of value. They were always on top of things and did everything to make the process simple, including coordinating everything while I was 2000 miles across the country. I was VERY happy with the results. - Brian

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Thanks to Travis John and his staff we were able to complete 3 short sales. Your teams dedication to resolving our very stressful situation was much appreciated. I would recommend anyone doing a short sale to talk to you first. - Ed A.

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I wanted to say thank you, your office is nothing but the best. I would recommend your services to anyone! We could not be happier with the service we received and the professionalism from the beginning to the end of our home sale. Your office is full of true professionals who understand every aspect of short sales, and the difficulties in dealing with the lenders. You were there every step of the way. Nobody should hesitate in looking to you for your help. - Kerri and Jeremy T.

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Thank you all so much for all the help with the short sell of our home. We are truly blessed at the effort you have given us. You have gone beyond anything we had hoped for, to see that it all happened. It is such a relief to know it s all done and we can move on. - Chris and June

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It is our pleasure to highly recommend Travis John. He and his team will work diligently to ensure the entire real estate transaction goes smoothly. Travis is a true professional. He gives the facts and realities, not hype. He is pro-active in keeping us informed along the way and makes every effort to ensure that things go as easily as possible. He spent his personal time to meet with us in the evening after work to get additional papers signed. Always professional in dealing with us and he was above reproach, as all things that transpired with the sale of our home happened just as he explained they would. His team was friendly and easy to deal with and responded quickly to questions we had along the way. Again, I strongly recommend Travis if you are considering a short sale...you too will be writing a letter of recommendation! - Joe and Cheryl

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Everybody at the office has been amazing and helpful, specially Jodi, she went above and beyond trying to help us close on this property. I would recommend your services to anyone in need of a good real estate office. It is amazing to have this feeling of relief... that house was really killing us and you guys help us find the solution. Thank you very much!!!! - Sandra G.

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We would like to thank Travis John for his excellence in Short Sales. You did a very fine job with selling our house and in a short amount of time. I would recommend you to anyone to help them in any short sale because I know that they would be treated very well. Thanks again. - Larry & Pam

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After successfully closing with Travis John and his team I would like to express my appreciation for their efforts over the past several months. Travis and his team have consistently worked in a professional and reliable manner on my behalf, and have always been available to answer my questions and concerns. I believe that his team have significant experience and expertise of prevailing real estate market conditions, as well as the operations and policies of mortgage companies whose interests are critical in a successful short sale. In addition to his professional characteristics, Travis is a very nice and sincere person, which I think is important when pursuing a sale that is likely to face certain issues at one point or other. In summary, I give Travis John and his team my strongest recommendation. - Stephen W.

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Travis and the Gold Partners team overcame many obstacles that came our way in the short sale process of my townhome. The buyer made an offer after being marketed by Gold Partners for only two days. This was the easy part.

Travis had to deal with two lenders and a divorcee for over three months to close the short sale. The team never gave up even when it would have been easier to walk away from the deal. Foreclosure seemed inevitable but Travis and his team worked relentlessly to give us the best chance to achieve the short sale. I highly recommend this team for your real estate transaction. - Eric H.

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"My husband and I met Travis about 6 months before we decided to sell our house. He met us to show us a rental property and we ended up talking to him about the real estate market, pros and cons of short selling, and renting for over an hour. When we decided to sell our house, and eventually our property, we naturally turned to Travis. We had so many questions about the process and what to expect. We always felt that Travis took time to answer every one of our questions completely and honestly. He made the whole process easier and we will definitely be calling Travis in the future." - Sandy & Dan B.

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Coping with a divorce and at the same time realizing that a home which was once affordable with two incomes is no longer affordable is always difficult. During my divorce and the possibility of loosing my home, I reached out to the Gold Partners (Travis John and Associates) for assistance. Initially I spoke with Travis to get an understanding of what a short sale was and it's possible consequences. After several follow-up discussions, I moved forward and listed my home with Travis. After a few months, offers were presented and submitted to the bank for approval. Though the process was not short by any means, Travis and associates were always willing to provide direction and assistance with any questions or issues. Everyone at Re/Max Gold Partners is extremely knowledgeable and are always willing to work with both the seller and the buyer. With out Travis and his wonderful team, my experience would not have been as pleasant. Thank You for all of your help and for having such a stellar team. - Albert

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I want to thank you for all your hard work in the role each of you played in selling our home. Bill and I truly appreciate your time and patience with us and all our questions. It was a stressful time for us and being across the country made it more difficult, but you all were wonderful. - Kathy and Bill D.

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Strategic Short Sale -

The most recent development in short sales are what is called a strategic short sales or a strategic default. How long and how much good money will you spend to regain an equity position.

Due to the state of our economy there are many homeowners and investors that have lost significant value to their investments. This amount can hundreds of thousands of dollars in some cases. Being in this situation, although while you are able to make your monthly payments, can still put you in a severe financial hardship. If you lost over $200,000 in your home and your combined income is only $65,000 a year, how long will it take for you to recover from that loss? Most people purchase homes as their main investment so overtime they can build a life savings. In 10 years do you think your home will regain that value or break even? Will this affect your retirement?

As you can see there are many different scenarios people are in. When doing a strategic short sale, it's important you have a team on your side experienced working with different lending institutions. We have an 87.5% close rate and have successfully closed conventional short sales as well as strategic short sales.

ARE YOU LOOKING TO DO A STRATEGIC SHORT SALE? - We can certainly help you no matter what your situation is. We can review your information, financials, etc. to help you make an informed decision. While we are NOT attorneys we have the experience behind us to help you make a sound financial decision.

About Travis -

We are proud of our consumer advocacy approach and bold "Beat the Banks" mentality. Our straight talk and get it done attitude has earned our repeat involvement as an expert to multiple media outlets, referrals from satisfied clients and many notable awards.

Central Florida Service Areas - 

All of Central Florida Cities and neighborhoods in Orange, Lake, Seminole, Ocseola, Polk and Volusia Counties.
Orlando, Apopka, Sorrento, Mt. Dora / Mount Dora, Mount Plymouth, Lake Mary, Debary, Deland, Deltona, Geneva, Sanford, Eustis, Longwood, Altamonte Springs, Maitland, Eatonville, Rosemont, Clarcona, Magnolia Park, Ocoee, Winter Garden, Windermere, Gotha, Orlo-Vista, Winter Park, Winter Springs, Oviedo, Casselberry, Fern Park, Goldenrod, Conway, Hunters Creek, Waterford Lakes, Fairvilla, College Park, Baldwin Park, Dr. Phillips, Clermont, Montverde, Davenport, Howey In the Hills, Tavares, Millenia, Saint Cloud / St. Cloud, Poinciana, Kissimmee.

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