Nashville Short Sales

Rhonda Burgess is a Certified Short Sale Specialist. Rhonda has had extensive training from the Harris Real Estate University on how to effectively and quickly perform a short sale. Bad things happen to good people everyday, from a job loss to health issues to a divorce. These things do not define who you are. Or maybe because of the current market conditions, you are able to pay your mortgage but your neighborhood has severely depreciated in value and you are now "under water" in your property - owing much more than the property is worth. There are solutions to help you.

If you qualify, a loan modification can adjust change the terms of your mortgage, such as the interest rate and the number of years of the loan. These changes can make your monthly payment much more affordable. Most of the time if you are behind in your payments, a repayment plan can be included with your modification, allowing you to get back on track with a lower payment. With a modification, you have to have the ability to make the new mortgage payment. If you are unemployed or do not the income that you previously had, you may not be eligible for a modification.

With a short sale, you are selling the property for less than what is owed on it. Your mortgage company(s) agree to accept less in order to avoid foreclosure. A typical foreclosure costs the mortgage company anywhere from $30000 to $60000 depending on the circumstances. During the time that the property is in foreclosure and awaiting sale, the mortgage company is having to pay for the lawn maintenance and utilities as well as risking the chance of the property being vandalized while it is vacant. The banks and mortgage companies prefer a short sale because even though they are losing money, a short sale loss is less than the foreclosure costs. With a properly done short sale, the sale can be completed and closed in less time than the foreclosure process.

Short sales have a less devastating effect on your credit. With a foreclosure, credit scores normally drop anywhere from 200-300 points. A short sale shows on your credit report as "paid in full" or "paid in full for less than full amount". Either way, your score is not affected near as much as the damage a foreclosure does. With a successful short sale, you can be eligible to purchase another home in as little as 24 months. With a foreclosure on your credit report, you are looking at a minimum of 3-5 years before you are eligible to purchase another home.

When you are working with a Certified Short Sale Specialist like Rhonda, the process is full explained to you. Rhonda will handle all of the bank/mortgage company negotiations. Rhonda will price your property to sale, effectively market your property, and get the deal to closing in a very timely manner. You will be kept "in the loop" along every step of the way. At the same time that your property is being marketing, Rhonda can help you secure a new rental property or even purchase a new home if you are in the position to do so. Rhonda strives to make the process as painless and stress-free as possible. All of your information is kept confidential and the transaction is handled with the utmost diginty and respect.

For a free confidential consultation to go over all of your options, please give Rhonda a call at (615) 751-6234 or email her at Rhonda@RealtyWorldNashville.com