Sellers

SELLING YOUR HOME CAN BE SO SIMPLE

Selling a home can be the biggest nightmare, or the best experience. It all depends on the Realtor you choose, and the company that supports the Realtor. We boast all the time about our highly skilled, experienced Realtors at Gavish Real Estate. The reason for that is simple...It's true! We have some of the top Realtors, with expertise and experience to assist you with all your home selling needs. In today's market the single most important home selling experience is that of performing a Short Sale. At Gavish Real Estate we have an entire department dedicated solely to Short Sales.

Short Sale: A Short Sale is when you are allowed by the bank to sell your home for less than what you owe on it.
Utilizing our experience to list your home ensures you are protected every step of the way. We will be available to answer all of your questions, from the listing appointment in the beginning, until the close of your escrow at the end. Our market changes DAILY! This being the case it is crucial that the Realtor and Brokerage you choose is up to the minute with what is happening. It is our job to ensure you are informed and protected!

We base our business on referrals, and pride ourselves on the service we provide. Our clients count on us to handle the sale of their home with "white glove service." We make certain that all forms are signed in a timely manner and we are available to answer any and all questions or concerns you may have regarding the sale of your home. It is crucial that you as the seller get the correct information on what your options are. A short sale is about being in a hardship situation. It does not matter if your income is $20,000 per year or $320,000 per year. If you can no longer afford your house payments and cannot sell or refinance your house due to owing more than it is worth, we can help.

At Gavish Real Estate we have "spared no expense" when it comes to making sure your home receives market exposure. We have extensive web presence, as well as advertising on local radio, t.v. and print.

Our homes sell faster than most, because we make certain your home is priced correctly, has maximum exposure on the market, and because we work with buyers that want to buy your home! Our Short Sale Department has investors in place to make cash offers on your house right now for the bank to approve. In many cases, these same investors can purchase your home and rent it right back to you for half of what you are paying now.

Homeowner Consequences of a Short Sale or Foreclosure

When can I get a mortgage loan through Fannie Mae as a primary residence again?

Foreclosure - You will be unable to obtain a Fannie Mae backed mortgage as a primary residence for a time-frame of 5 YEARS.
Short Sale - When you successfully negotiate and complete a short sale, you can obtain a Fannie Mae backed mortgage loan in as little as 2 YEARS.

When can I get a mortgage loan through Fannie Mae as a non-primary residence again?

Foreclosure - An investor who gets foreclosed on is ineligible for a Fannie Mae backed investment mortgage for a period of 7 YEARS.
Short Sale - When you successfully negotiate and complete a short sale, you can obtain a Fannie Mae backed mortgage loan in as little as 2 YEARS.

What is the difference in getting a mortgage loan from any company in the future if I'm foreclosed on versus doing a Short Sale?

Foreclosure - You will have to answer YES to question C in Section VIII of the standard application that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 YEARS?" This will affect your future interest rates.
Short Sale - There is NO related questions in regards to a short sale.

How will a Short Sale or Foreclosure affect my credit score?

Foreclosure - A Foreclosure usually has an effect on your credit score for over 3 YEARS and your score may be LOWERED somewhere in the area of 250 to 300 POINTS
Short Sale - After a short sale only the late mortgage payments will show, not a foreclosure, and your mortgage will show as paid or negotiated. Your credit score could be affected by as little as 50 points if all your other debts are being paid on time. The time frame that your credit is affected can be as little as 12 to 18 months.

How does a Short Sale or Foreclosure impact my credit history?

Foreclosure - Continues to remain on your public credit history for 10 YEARS OR LONGER.
Short Sale - There is no definite reporting category for a short sale and the loan is usually reported as either paid in full, or settled. Consequently a short sale is NOT REPORTED ON A CREDIT HISTORY.

How will this concern my security clearances?

Foreclosure - Having a foreclosure on your record is the most DIFFICULT CHALLENGE IN OBTAINING A SECURITY CLEARANCE next to a felony or serious misdemeanor conviction. In nearly all cases a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, their clearance will be REVOKED and their position will be TERMINATED.
Short Sale - A short sale on its own does not trigger a security clearance issue.

What about my employment or prospective employee background investigations?

Foreclosure - Employers have the right to and are actively checking their employee's credit and background that are in decision-making positions. A foreclosure could be grounds for IMMEDIATE, TERMINATION, REASSIGNMENT or being DENIED employment.
Short Sale - A short sale is not reported on your credit, therefore an employer will have no knowledge of the short sale.

Will there be a deficiency judgment filed against me, and how much will I be liable for?

Foreclosure - In all states except those with no deficiency judgments, the bank has a right to pursue a deficiency judgment. In a foreclosure situation you will have to go all the way through the REO process if the home does not sell at auction. Frequently this situation results in a lower sales price and takes longer to sell in a downward market resulting in a HIGHER possible deficiency judgment.
Short Sale - In a number of successful negotiations it's possible to convince the lender to give up their right to pursue a deficiency judgment. In a properly executed short sale the home is sold at a price that should be close to the current market value and in nearly all cases the results will be better than an REO sale; resulting in a lower deficiency.