House Underwater?
Hawaii Short Sales — If you owe more on your house than it’s worth in today’s market and you’re facing a foreclosure or other hardship, then you might want to consider a short sale as one of your options. When your house or mortgage is “upside down” or “underwater”, selling your house the conventional way is rarely a possibility.
Perhaps you tried to sell your house on your own, but no one was willing to pay your current mortgage balance to make it work. Or maybe you tried a loan modification to stay in the house, but your application was rejected or you were initially approved but fell out of “loan mod” status.
What other options do you have if you can’t make your regular payments?
Enter the Short Sale. You might be asking “What is a short sale?” This might be an entirely new concept for you, and that’s OK. A short sale is a sale where your lender agrees to let you sell the house for less than what is owed on the mortgage. They are taking a “short” position on the sale since they are taking a loss.
Why would your lender be willing to take a loss on your mortgage?
Think about their alternative. You might stop making payments, which turns their mortgage into a non-performing asset. Then they incur thousands upon thousands of dollars in legal costs once they issue you a Notice of Default (NOD) and start the foreclosure process. And there’s more. Now let’s say they take the property back in a foreclosure. Well, now they have a house they don’t want — you see, banks are in the business of lending money, not owning houses! So now they have to put this house (still a non-performing asset) on the market as an REO (real estate owned) where it will compete with all the other properties for a buyer. Since the banks have a backlog of properties, they will have to discount their price which will further increase their net loss. Oh yeah — they have to pay 6% in realtor fees as well when they sell. So what’s better for them — allowing you to sell for less or holding onto this non-performing asset and spending tens of thousands to get it off their books? In many instances, they will agree to a short sale because it actually reduces their net loss at the end of the day.
Big Rock Investments is your Hawaii short sale solution
We are experienced real estate professionals, and we work with homeowners in a variety of difficult situations. If your mortgage is upside down and you need a short sale done or want to know how it works in greater detail, then contact us right away. Hawaii short sales are indeed possible, but it takes more than your basic run-of-the-mill real estate knowledge and skill set to get them accepted. Quite honestly, many people don’t have the experience or patience to see them through to the end. But since we are part of the FortuneBuilders group of investors that use repeatable and proven systems in every facet of our business, we can put these systems to work for your short sale. In fact, our success rate of short sale completion is light years beyond what most people are capable of.
Let us put this system to work for you — just fill out the confidential form below we’ll be in touch right away! Or call us at (808) 377-4379
