Dick and Jane have exhausted all options. They have attempted to do a loan modification with no success. They must sell.
Dick and Jane decide to do a short sale. This means that they will price thier home at fair market value and then make scheduled reductions until a buyer makes an offer. At the time of the offer the Eakes Realty Group will contact the bank and negotiate with the bank to accept the offer even though it is less than what Dick and Jane owe on the mortgage. It is up to the Eakes Realty Group to convince the bank to accept the offer as FULL payment and relieve Dick and Jane of further obligation to the bank!
Sounds easy, right? It's not. The rules of short sale change daily it seems. Each bank implements their "rules" in a different way. One consistent rule is that they prefer to work with a short sale trained and certified real estate agent. These agents know the rules and know how to make the process more efficient for the bank.
Dick and Jane are 1 month behind on their mortgage. Time is running out - they need an offer! Tune in to Chapter 4 to see how the Eakes Realty Group finds a buyer for Dick and Jane!
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