The Short Sale Process in North Carolina
Let Paul 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:
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. IMPORTANT: Call your accountant/tax attorney 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.
STEP ONE: RESEARCH YOUR OPTIONS
Request the FREE Reports to your e-mail or call Paul today at (336) 707-9799.
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 them, Click Here
Read about the Making Home Affordable plan to learn whether loan modification could be an option.
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 them, Click Here
Read about the Making Home Affordable plan to learn whether loan modification could be an option.
STEP THREE: PREPARE YOUR DOCUMENTS
If you decide that a short sale might be your best option, Paul 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, Paul 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 PROPERTYThe next step with a short sale is to list the property with Paul Milam with RE/MAX of Greensboro. Paul will carefully analyze the surrounding real estate market and give an expert opinion of value so the property is priced well. He will then implement his aggressive marketing plan to attract as many offer(s) as possible.
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 your lender(s) for 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!
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 your lender(s) for 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!
IMPORTANT NOTE: Paul Milam and RE/MAX of Greensboro is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
