Short Sales / Foreclosures

The purpose of the Short Sales, Foreclosure section is to keep our clients and other readers abreast of what is going on in the Foreclosure and Short Sale Real Estate marketplace. 

With the housing market sinking, and some experts saying it will get worse before it gets better, many home and property owners are over mortgaged, upside down, cash poor, and can no longer make their mortgage payment. Up to now the only option was, well.letting the bank foreclose. For most, these people are facing a difficult situation. They have little hope of keeping their property or selling it for what they had thought it would be worth - back when the market was soaring. That's not a good option since a foreclosure sticks on your credit record for at least 10 years.

Do Not Let Your House Fall Into A Foreclosure!

Instead Short Sale it for less and not owe the lender the difference. Our Agents have been doing this for years and are qualified to negotiate the terms with your Lender.

Why would a bank accept less than is owed?

This is a great question and one that can be easily answered. A lender will do almost anything to avoid foreclosure, it looks bad on their books and affects the rate at which they can borrow money. If a homeowner falls behind on their payments and it appears the home will need to be foreclosed on, the second mortgage holder will usually get nothing if the home goes to auction because the home is typically sold for a price that is right at what is owed on the first mortgage. That is why they will allow a Short Sale in lieu of a foreclosed home.

Choose the Right Lender

Its one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. At Broadway Capital Group, we have experienced Short Sales Agents.

An agent with Experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

Give us a call at 562-216-9890 for a free, no obligation consultation.