What is a Short Sale?

A short sale is when a negotiation is entered with the homeowners lender(s) to accept less the full balance of the loan at closing. A buyer closes on the property and the property is sold “Short” of the full balance owed. The homeowner can stay in the property during the negotiations until the home is sold.

A foreclosure is a legal proceeding by the lender in which they take back the property in order to recover the amount owed by the homeowner. The bank secures the property and forces the homeowner to leave the premises. Read some frequently asked questions about short sales and foreclosures in North Carolina.

Let Paul and his Associates Help You Put the Pieces Back Together and Explore Your Options to Avoid Foreclosure in North Carolina.

We realize that with all of the financial pressure building on your shoulders that just giving up and running away seems like a viable option right now.

We understand how that might seem attractive at this moment. But trust us, it’s not the answer! This one decision could affect your distant future.

All we ask is that you explore your options. Let us help take some of that stress off your shoulders. Remember, if a short sale is something you are interested in, our services are AT NO COST to you.

Here is a general process that we will go through if you decide to work with us:

STEP ONE: Research Your Options

Contact Paul Milam at RE/MAX of Greensboro for a confidential discussion to learn what your options might be to avoid the foreclosure of your home in North Carolina.

Request the FREE Reports to your e-mail or call Paul today at (336) 707-9799.

IMPORTANT: Call Steve Wilde with Wilde Law Firm before you decide your course of action to learn possible tax or legal ramifications with a short sale or foreclosure. It is important to know what type of deficiency judgment you are facing whether you foreclosure or do a short sale. Steve’s Contact information:

Wilde Law Firm, PLLC
45 Wall Street, Suite 105
Asheville, NC 28801

828-254-6061 (office)
888-388-1610 (fax)

Shortsales@WildeLawFirm.com

Notice: Please be aware the NC Real Estate Commission prohibits a realtor from negotiating terms of your mortgage with your lender. This has been construed as “Practicing Law” which Realtors are not licensed to conduct. That is why we recommend The Wilde Law Firm. Our responsibility is to market, negotiate with prospect buyers, execute purchase agreements and then submit the required documentation to Wilde Law Firm for proper processing.

STEP TWO: Educate Yourself About the Differences Between a Foreclosure and a Short Sale

Read the FREE Reports to learn more about the differences between letting your home go into foreclosure vs selling as a short sale, and what the common mistakes homeowners make that cost them their home! To order these reports, Click Here

Read about the Making Home Affordable plan to learn whether loan modification could be an option. If you would like a free loan modification please contact Paul for a professional reference.

STEP THREE: Prepare Your Documents

If you decide that a short sale might be your best option, Paul/Steve will provide you our Homeowner Document Preparation Checklist. This is a complete list of all the documents we need to prepare in order to begin negotiations with the bank(s). Again, please consult your tax adviser and learn about your tax consequences. With your written authorization, Steve Wilde will contact your lender(s) to let them know your situation and find out what programs might be available, if any.

Read about your IRS Tax Consequences in
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Download IRS Form
Form 982 for Reduction of Tax Indebtness Due to Discharge of Indebtness

STEP FOUR: Marketing the Property

The next step with a short sale is to list the property with Paul Milam with RE/MAX of Greensboro. Paul and his Associates will carefully analyze the surrounding real estate market and give an expert opinion of value so the property is priced well. They will then implement his aggressive marketing plan to attract as many offer(s) as possible. They will develop a plan to sell your home based upon the number of days available to sell before a foreclosure takes place.

STEP FIVE: Communications

Once we have a qualified buyer for your property and an accepted offer by you (the Seller), Paul will submit your completed Short Sale package to Steve Wilde for your lender’s approval. This process can be the most nerve racking because it can take a long time for the bank to process the file through the channels necessary to get us to the acceptance. The bank can either counter, accept or decline the offer.

If we receive an approval from the lender(s) that is acceptable to you and you want to proceed with the short sale, escrow is opened and carefully tracked to ensure a timely and smooth closing.

STEP SIX: Moving Day

There is a light at the end of the tunnel! Moving day is approaching so you move forward with your life without stressful calls from the banks. If you need help finding a rental, Paul can help find the perfect home for you!