FAQ

A short sale is a transaction in which a lender allows a property to be sold for less than the amount owed.

The honest answer is 90-120 days

Devon Short Sale Solutions is an attorney-based team of Short Sale Specialists that will negotiate with your underlying lender(s) in the event that the sale price proves to be insufficient to pay the mortgage in full.

Depending on the individual state law and regulations, a foreclosure can proceed as quickly as 35 days from the date the notice to the borrower is filed. For that reason time is of the essence and you should allow a window of no more than 60 days to effectuate a lender approved short sale.

While it is up to the individual lender to decide what to report, what often happens is the loan will report as “paid” on their credit report. While that’s good news the bad news is that there will likely be a reference that says “settled for less than originally owed” or something to that similar. It is certainly more advantageous to have the short sale referenced than to a foreclosure on their credit report.

Most lenders will require that a full appraisal be submitted in the short sale package. Some may only require a BPO or brokers price opinion. The lender will need some formal assessment of the value of the home in order to make a decision as to accept or reject the Short Sale offer. A Short Sale is also a great alternative to foreclosure. Homeowners who walk away from their properties are faced with the very difficult task of rebuilding their credit and repaying the lender the balance of the unpaid mortgage. While a Short Sale can still impact the homeowner’s credit, it is less devastating than a foreclosure. Also, if negotiated correctly, the lender is likely to waive the amount of deficiency once the sale is complete. Devon Short Sale Solutions will mitigate with your lender to get you the most favorable deal possible at no cost to you. Our fees are negotiated with the lender when the transaction closes. We will also educate you on the Short Sale process so that you will know what to expect. Finally, Devon Short Sale Solutions is committed to keeping you and your Real Estate Agent informed on the status of your file throughout the entire process.