We often purchase mortgaged homes through a short sale process. A short sale is often designated in a situation where a home owner has more mortgage debt on their home than the current resale value of that home. Often, banks would rather receive an upfront payoff then undergo the foreclosure process. When a bank forecloses they incur great expenses through attorney fees, and then by taking actual ownership of the property. They face uncertainty as to what expensive repairs will be required in order for them to sell the house. They also accrue all of the costs of home ownership such as normal maintenance until the property is sold, but when it finally does sell, they usually pay hefty real-estate commissions to realtors.
This process works even when you have more than one loan on the property. Lenders that are in second position, such as those with a home equity loan, are usually unable to protect themselves during a foreclosure. They would have to buy the home at the foreclosure sale. They will frequently settle for a tiny fraction of loan repayment because a foreclosure sale would completely eliminate their loan; unless they purchase the home at the sale.
Many home owners have sold their homes to us using this process. We are well rehearsed in working with banks and other lending institutions to ensure that this process runs efficiently. By starting a short sale process, a foreclosure sale can often be postponed thereby allowing enough time for the paperwork to be processed and the sale completed.
Call or contact Kevin anytime at 513-400-5505 and we will explain this program to you in detail