Today, in America, one out of every 4 mortgages is "underwater" (amount owed is greater than property value) which makes selling homes seemingly impossible. To make matters worse, one in every 6 homeowners is behind in their mortgage payments and since approximately 70% of them will face foreclosure without seeking any type of assistance, the resulting wave of foreclosures continues to drive property values down even further.
Chances are you or someone you know in the Triad area is struggling to make ends meet or having difficulty selling a home. These are tough and frustrating times, but there is help available. Whether you are struggling to make your mortgage payments, or just "upside-down" and need to sell quickly, we can help you determine if a Short Sale is right for you.
What is a Short Sale?
A short sale occurs when a lender (or lenders) agree to accept less than the full amount owed on a mortgage in order to allow a property to sell at its current value. Lenders will typically allow all reasonable costs of sale to be deducted (including Realtor fees and customary closing costs) and accept the remaining proceeds to "settle" the account. Just a few years ago short sales were seldom heard of and rarely approved, but recent market trends and declining home values have forced lenders to actively seek ways to avoid more foreclosures.
Short sales are very different from the typical real estate transaction and require additional time, paperwork and strong negotiation skills. Short sales have a very negative stigma, mainly because they've been attempted and failed by inexperienced agents, but when processed and negotiated properly a short sale can be a win-win for consumers and lenders.
How Team Leung Can Help
We specialize in helping homeowners that owe more against their home than it is currently worth, sell their home without bringing any money to closing. We will list your home, we will sell your home, and we will negotiate with your bank(s) to accept less than what you owe them. Our success rate is unmatched in the Greensboro/Triad area. Homeowners hire us because they understand the value that we offer. This value comes from our experience, results, and process.
Our Short Sale Specialist, Kelly Walters, earned her CDPE designation (Certified Distressed Property Expert - CDPE.com) in the fall of 2008 and since that time approximately 95% of her business has been short sales. All of the short sale negotiations are done "in-house". We do not send any of our short sales to 3rd party negotiators.
We have successfully closed 92+% of our short sale transactions with very little or no financial contribution from the homeowner. On average, the entire process takes approximately 4-6 months, beginning the day we list your home. Once your home is under contract, we can usually negotiate settlement and close in 30-90 days. There are no upfront fees and we do not get paid unless we close the transaction. Our compensation is typically paid by the lender, not the homeowner. Although we will never guarantee that we can close every short sale (and we caution you against those who do), we strongly believe that we are the most experienced, most capable and most successful short sale team in the triad area.
Visit the Results Page for more information on our recent sales.
We believe that our success is a result of our unique approach to short sales, which includes an initial homeowner consultation, prescreening of all potential buyers, negotiating offers upfront so that they meet guidelines for lender approval, and partnering with a closing attorney that's involved from start to finish and experienced in closing short sale transactions.
We begin with a homowner consultation to discuss your current financial situation and explore all of your available options. You may find that there options available that would allow you to keep your home with more affordable payments. If so, we will advise you on how to contact your lender for help.
If it's determined that short sale is your best option, we will help you gather all of the necessary documents upfront, prior to listing your home for sale. Next, we will perform a title search to identify all liens that will have to be settled as part of the sale. Then, we will contact each lien holder and open the lines of communication to discuss settlement.
Your home will be listed at or slightly below fair market value. We will market aggressively and re-evaluate our pricing strategy every 15-30 days until an offer is received. Because we have the experience to know what lenders are looking for, we can help you negotiate with the buyer to obtain a contract the lenders will want to approve. It is our policy to negotiate the highest and best offer we believe the market will bring and to submit only that one contract to the lender. We do not continue to "shop" offers (except as Back-Ups) or submit "low-ball" offers for approval. We feel that those risky practices are a waste of everyone's time and will likely place you at a much greater risk of foreclosure.
We believe that we have a Short Sale process that is unmatched in the industry and will deliver results. To get this process started right away, please contact us today by completing the Short Sale Request Form or visit our Frequently Asked Questions page for additional information.