Fastest short sale approval Portland, OR
Things may seem dire. You know you have to sell, but you owe more on your loans than the house is worth. You can't sell, you can't move, you can't afford to keep it.
The situation happens more than industry experts would like to admit, and too often people in this situation are left feeling like it's their fault, and they are without options.
When foreclosure almost seems like the only option, there is another way.
What is a short sale?
Instead of facing foreclosure, a short sale may be the option that you've been looking for. This is when you sell a home for less than the loan amount, and the bank accepts the sale amount as a payoff for the balance of the loans, even if it's less than the principal balance.
How does a short sale work?
Most people ask the first obvious question, why would banks take less than what is owed? The answer is less complicated than you might think. Banks don't like foreclosing. In fact, they don't even like owning homes. Their business is in lending, and owning property is neither their core competency nor their business model. Using the house as collateral for the loan is only a way to protect their large loans. It's a risk mitigation tool, not a punitive measure.
On that note of risk mitigation, owning real estate comes with its own risks and costs. Many times, the transactional costs associated with foreclosing a property, and then owning it for no less than 6 months (this is a mandatory period in Oregon) far outweigh the amount they may lose by accepting less than what is owed. Banks don't want bad loans on their books any more than you want a foreclosure on your credit report. So they have several incentives to work with you to complete a short sale.
The next logical question is that if short sales are a more favorable solution for everyone, then why does foreclosure even exist? Well, aside from some situations where foreclosure is a more financially suitable option for the bank, short sales are complicated. There are many parties who have a stake in the transaction, and they must all be in complete agreement to get the deal done.
This is why short sales can drag on for months even after a traditional buyer has made an offer on a short sale house listed on the market.
What help can I get with a real estate professional on a short sale?
This is where our team of experienced short sales specialists come in. With combined decades of experiencing leading the way, we are proud to be certified by the national association of realtors as Short Sales and Foreclosure Resources. This certification demonstrates expertise in helping clients navigate an extremely complex field of lenders, investors, buyers and all of the various pitfalls and tripping hazards that can emerge when progressing through the short sale process.
Is there a faster way to get through the short sale process?
In addition to special expertise in short sales, we have a program that takes one of the biggest and most common deadlocks of the short sale process and streamlines it, for faster closing. Fast closing is something you want and banks love, and it's accomplished with one silver bullet: qualified buyers.
We partner with a network of corporate cash buyers looking for Portland homes to buy. When these buyers come, they bring with them credibility and cash - the two things that a typical consumer simply can't.
We bring our partners, referred to sometimes as iBuyers, short for instant buyers, your property details, and come back with multiple offers to purchase the property at fair market value for cash.
Banks cherish this kind of buyer, because they are reliable, do not nitpick over unimportant details, and since there is no new lending bank, there are fewer parties to keep happy for closing. A cash closing means no underwriting, conditions, stipulations, or red tape. All of this equates to a simpler transaction, which means faster. And faster is better for everyone.
In fact, banks prefer these buyers so much that they may even take a lower offer that is cash over a higher offer from a buyer that needs to finance. Cash is king in these transactions, and we have a host of partners competing to purchase our Portland homes.