Jerry Dou, a Realtor for Century 21 Exclamation Realty has teamed up with a National Company to assist people that need to sell their home via a "Short Sale" in Northwest Arkansas including Bentonville, Rogers, Springdale & Fayetteville. Jerry will also assist some outside of these areas - just give him a call to see.
What is a Short Sale?
A "Short Sale", defined by Wikipedia is: a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation. A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency.
If you are looking for a Realtor in the Northwest Arkansas area that has experience and a proven record of successfully seeing through a Short Sale - contact Jerry Dou. Jerry is a very organized person with loads of good information and all of the documents ready for you to fill out and makes this process smooth and less work for you! You can reach Jerry Dou @ 479-236-0362. Not only do you get a Realtor that specializes in short sales, has a national company that handles the processing of the short sale - you get top notch marketing including being posted to www.NWAFiresale.com (A Real Estate Website owned and operated by Jerry Dou which includes ALL listings (not just his) that are either bank owned, short sales, owned by relocation companies or are just "Smokin Hot deals" - he works with a lot of investors that are probably willing to make an offer on your property pretty quickly, too.
Your home will also be included on my website - www.NickyDou.com a Number1Expert real estate website that has great SEO "Search Engine Optimization" and will get your listing out to the most buyers possible. Most of the short sales that Jerry has listed have gotten an offer within a week of that listing (some within hours) and usually take about 30 days for approval and can usually get closed within 45-60 days... some take longer than others just depending on which bank holds the note.