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Anderson Auctions Inc.
36008 Emerald Coast Pkwy
Suite 601
Destin, FL 32541
Phone: 850.654.5300
Toll Free: 877.654.5300
Sold@Anderson
Auctions USA.com
36008 Emerald Coast Pkwy
Suite 601
Destin, FL 32541
Phone: 850.654.5300
Toll Free: 877.654.5300
Sold@Anderson
Auctions USA.com
Q: WHAT IS A SHORT SALE?
A Short Sale in real estate occurs when the outstanding mortgage loans (liens) against a property are greater than what the property can be sold for. The lender is willing to agree to discount the mortgage in order to sell the foreclosure property to a third party buyer or investor. Using our custom Short Sale techniques all parties benefit:
- Lender has defaulted non-performing loan(s) paid off in full.
- Buyer/Investor acquires foreclosure at a discounted amount.
- Homeowner has closing costs paid, real estate commission paid, loan paid off in full to avoid liability, no deficiency judgment, stops the trustee’s sale, avoids foreclosure, saves his/her credit, avoids bankruptcy, begins a fresh start.
- Shortsale is a win/win/win opportunity for all parties involved, lender/buyer or investor and seller/owner.
Q: WHY WILL LENDERS TAKE LESS THAN THEY'RE OWED?
- Because of "actual costs" incurred when lender’s are forced to foreclose.
- Lender stands to lose additional money when the property forecloses
- Foreclosure properties include most of the following costs:
- attorney's fees
- trustee fees/costs of the trustee’s sale
- arrearages
- court costs/legal
- process fees
- holding costs
- high repair costs
- closing costs
- real estate commissions
- property taxes and insurance, etc.
- Average conforming loan costs a lender approximately $20,000 foreclose.
- Non-conforming loan costs a lender about $30,000.
- Lender has the advantage of being able to cash-out of a defaulted loan, thereby eliminating the foreclosure property from their books.
Q: WHY DON'T LENDERS WANT REO ("REAL ESTATE OWNED") PROPERTIES?
- Lenders are not in the business of buying and selling foreclosure properties.
- Lenders are neither licensed realtors, nor experts in disposing foreclosure properties.
- If lenders choose to out-bid everyone at the trustee’s sale and not allow the buyer/investor buy the property at an extremely low price as the highest successful bidder, the lender is stuck with the property.
- Most trustees’ sales are for all cash, requiring the buyer to purchase the property within 24 hours. Therefore the average buyer doesn’t have time to get financing, even with good credit.
Note: Only investors or the wealthy have the money to purchase these types of foreclosure properties at public auctions. Most investors will only bid 50-70% percent of the after-repaired value (ARV), minus all repairs.
Q: DO I HAVE ENOUGH TIME TO STOP THE FORECLOSURE?
- Yes. Until the sale date has passed, you may have time to resolve your foreclosure by selling your property and negotiating a Short Sale.
- Submitting the complete Short Sale Package to the lender is essential. Therefore, we require the homeowner to submit all of the required documents to us in a timely manner. We have a high rate of successful Short Sale offers as a result of our due diligence and follow-up. Click here to review foreclosure laws state-by-state.
- Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation
Q: HOW LONG DOES THE "SHORT SALE OFFER" PROCESS USUALLY TAKE?
- We begin immediately to prepare your Short Sale package. Once you have an offer, the time it takes for a lender may vary from a few days to 60-90 days, or more.
- We keep you abreast of current time guidelines from the lenders.
- rom the time a Short Sale package is submitted, we negotiate and perform our due diligence on your property in order to sell it. By taking certain concise steps, we increase the advantages of selling your home and getting the lender to approve/accept our Short Sale offer.
Q: IS ALL OF OUR INFORMATION PRIVATE AND CONFIDENTIAL?
- Yes, all submitted documents, statements and information regarding your case is completely private and confidential, not only according to our company policies, but also according to federal lending laws and real estate disclosure laws.
- Any third party request for information on you must have a written authorization signed by the borrower and/or co-borrower.
Q: WHAT ARE THE BENEFITS TO THE HOMEOWNER, LENDER AND INVESTOR/BUYER?
- The homeowner can avoid paying closing costs, real estate commissions and mortgage debt secured on their home.
- Homeowners can also avoid bankruptcy (10 years on their credit report), the foreclosure sale, and can save their credit, starting fresh with no liability.
- The investor/buyer can perform a Short Sale without any money, financing, or out-of-pocket expenses.
- No other pre-foreclosure system can create equity or profits when there is none.
- The lender can avoid costly foreclosure proceedings, save money, time and energy, and have their mortgage loan paid off in full at the close of the Short Sale.
Q: WHAT ARE THE STEPS AND DOCUMENTS THAT ARE NEEDED TO DO A SHORTSALE?
- Each step in the process, and all documents you will ever need will be furnished and discussed in depth for your complete understanding and use.
- Our forms and documents are considered some of the best and most comprehensive in the industry.
- If you have any questions, you should consult with an attorney.
Q. CAN YOU HELP ME IMPROVE MY CREDIT RATING?
- We do not provide credit repair services. However, we do strongly recommend the nation's leader in credit repair, the Lexington Law Firm.
- For now, the best thing you can do to help your credit is to avoid foreclosure. Click here to contact us for a free eligibility assessment.
Q. I'M CURRENTLY IN BANKRUPTCY. CAN YOU STILL HELP?
- Yes. However, we cannot negotiate a work-out agreement with your lender until your mortgage has been discharged or dismissed from bankruptcy proceedings.
- Our professional loss mitigation specialists/consultants can still evaluate your case and explain the best options available to save your home.
- When the mortgage is out of bankruptcy we can proceed with home foreclosure assistance.
- Sometimes, after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged.
