WHAT IS SHORT SALE?
The so-called “short sale” is the sale of a property for less than what is owed on the mortgage because the seller wants to get out of debt due to financial problems. The lending bank (who holds the seller’s mortgage), may assume the loss if the property is sold at a value that is not sufficient to pay the debt securing the property.
HOW DOES IT WORK?
The transactions are done through a new financing bank that will lend the money to the buyer to purchase the property. It is important to know that the process of determining if the lending bank will accept the short sale is generally handled by the Loss Mitigation unit with the owner of the property for sale. While, the financing of the new purchase is handled by the buyer with the Mortgage Banking Department of the new bank he has chosen.
SHORT SALE
It is one of the alternatives offered by the market to avoid foreclosure.
WHAT ARE THE Steps to follow when buying a Short Sale?
Step 1
The buyer must have a pre-qualification letter to be able to buy the property. Then the seller and buyer agree to a sales price of the property to submit the offer for approval of the "short sale" through "Loss Mitigation" department.
Step 2
Once the (seller's) bank accepts the short sale offer, they must issue a certification of approval and the buyer can proceed to originate the loan with the bank chosen. and if the loan is approved, the closing can be completed.
short sale benefits for homeowners
A short sale is a transaction that can be very attractive to the buyer who wants to maximize his/her investment. In order to continue the sales process, the seller must first obtain the approval of the bank that holds the mortgage, which may take time, but will result in the best price being paid for the property.
Short waiting time to apply for a new mortgage
Protect your credit score
Avoid a foreclosure
Protect your “security clearance”
HELGA M. PIÑEIRO
EXPERT IN SHORT SALE
Due to the increase of foreclosures in Puerto Rico, I recognized the importance of educating and empowering families and industry professionals about the Short Sale alternative.
I am the founder and president of HMP Properties Inc., a firm dedicated to providing professional real estate brokerage services, founded in 2003. I have more than 12 years of experience successfully managing Short Sale transactions. I am certified as a Short Sale Foreclosure Resource (SFR) and Certified Distressed Properties Expert (CDPE). I am also an active member of the Bayamón Board of Realtor, Puerto Rico Association of Realtors (PRAR), National Association of Realtors (NAR), National Association of Hispanic Real Estate Professionals (NAHREP).
I regularly offer educational workshops to industry professionals on topics such as Short Sale CMA, BPO and among others related to the real estate industry.
I have a proven record of helping hundreds of families and real estate brokers to close their Short Sale successfully.
