Short Sales & Foreclosures

A Team that Cares

Whether you are buying or selling a short-sale or foreclosed home in today's market, The Claire Chivington team of professionals will help get you through the process and to a successful sale.

Claire is a certified Short Sale and Foreclosure Resource and can guide you through the process. The Short Sales and Foreclosure Resource (SFR®) certification is for REALTORS® who want to hone the skills that will allow them to help buyers and sellers of distressed properties.

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Short Sale Qualifications

  • The lender must agree to the short sale as they will not get all their money back.
  • The seller must prove short sale is their only option and prove they have experienced a hardship.
  • The home's price must be in line with its market value. 
  • The short sale must be disclosed upfront.
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Short Sale vs. Foreclosure

Short Sale

  • Homeowner submits a proposal to their lender so that they can sell their home for less than the balance of their mortgage.
  • Offers permanent relief from mortgage debt and other liens and judgments
  • Enables the seller to qualify to buy a home again in a short time
  • Has the least impact to the seller's credit score

Foreclosure

  • Lender repossesses the property and then tries to seel to recoer its costs
  • Provides no permanent relief
  • Will be listed on credit report and has huge impact on credit score
  • Can be 7 years before credit is cleared

The Short Sale Process

Offer Accepted

Seller accepts buyer offer and short sale agent submits offer and short sale package to the lender.

Bank Approval

The bank will review the documents, negotiate on the terms and give written approval of the sale. 

Sale Approved

Escrow opens and the process continues as a normal sale. Once the sale closes, the bank releases the seller of liability.

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