A short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Hawaii is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure.
Short Sale requires a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. Our Hawaii Short Sale Team has a High Success Rate on Approvals from the Banks and closed short sales in Oahu, Big Island, Maui, Kauai, Molokai, and Lanai, Hawaii.
Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.
Let our experienced Hawaii short sale real estate agents help you avoid foreclosure in Hawaii. We will negotiate directly with your banks to get short sale approvals for you. Our goal is to reach out and educate homeowners who are behind on their mortgage or think they soon will be. We have solutions that may save your credit and enable you to start fresh.
Short sales are complicated but, can help sellers who owe more than home is worth. A short sale occurs when a property is sold for less than the total debt owed on the property. Hawaii short sale must be approved by the lenders and borrowers requesting a short sale must prove a hardship such as a mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation.
Our professional short sale service is totally free to our clients. Contact us for a free confidential consultation today!
The easy availability of loans and several associated methods like the payment of equal monthly installments has made buying a house an easy task. With the rapid growth of real estate business in Hawaii, you can quickly plan an ideal home for yourself now. However, many times, such investments can turn out to be dangerous. Mortgages on a house too can prove to be the hugest risk possible. You often cannot come to terms with the location. At the same time, there are many chances that the value of your house can depreciate instead of appreciating. As a result, the value of money that you have spent on the house is much more than its present value. This eventually becomes a greater problem, if you bought the house on a mortgage. To this rescue, comes a hearty solution known as Short Sale.
By short selling, we simply mean that you can sell your undervalued house to another buyer with the permission of your bank. If the amount owed to the bank happens to be more than the amount you will actually get, in case you sell the house, then the wisest decision would be to do so. If the bank agrees to a short sale, you can sell the house to a buyer at its depreciated value and get the balance written off by the bank. Usually, the bank writes off your balance from its account. The sum not paid by you shall be shown as ‘income’ in your accounts by the bank.
Short sale only happens when there is an absolute guarantee that the money value of the house cannot increase in the future. In order to avoid the risk of a complete loss, the bank often accepts the reduced amount of short sale.
Risks also exist if you are the one who buys short sale homes in Hawaii. There are many common mistakes that people make when they buy a house for themselves in short selling. If you are buying such a house, then you must carefully scrutinize the condition of the property. Real estate investment will only be profitable if the house is in good condition. Another common mistake is that of ignoring property problems. You must make sure that there are no forgeries or legal issues with the asset that you are buying otherwise it might lead to bigger troubles in the future.