Is a short sale right for you?
A short sale is a sale of real estate in which the net sale proceeds may be less than the amount due on the mortgage.
Short sales (aka short-fall or pre-foreclosure sales) can be a solution for home owners in markets where home values have dropped below the mortgage balance and who can't afford to keep their homes but want to avoid foreclosure. Rather than go through the foreclosure or modification process, you offer your home for sale. We may be willing to accept fair offers which are lower than the loan balance and discharge the debt.
A short sale may have a less negative impact on credit scores and may allow a homeowner to be eligible sooner to buy a new home under Fannie Mae guidelines.
As in most scenarios involving debt forgiveness, there may be tax implications and homeowners should consult their tax and legal advisors before deciding to start the sale process.
How to get started with a short sale?
If you think a short sale might work for you, your first step is to contact Bayview today.
The Bayview Asset Manager for your loan has the knowledge, information, and responsibility to assist you.
To get in touch with a Bayview Asset Manager, call 1.877.299.5237, Monday - Friday 9:00 am - 6:00 pm ET.
Short Sale Information for Real Estate Professionals
How long does a short sale take?
With Bayview helping, the process should go quickly providing there are viable offers being made. Like all real estate sales, local market conditions will determine marketability. In many markets today, short sale properties attract special attention by serious, value-focused buyers.
Are there other options to avoid foreclosure?
A short sale is not your only option. A modification is intended to help homeowners stay in their homes by making mortgage payments more affordable. A deed-in-lieu of foreclosure, where a homeowner voluntarily transfers ownership of the property to Bayview, can also avoid a foreclosure. Call Bayview at 1.800.457.5105
to learn more about your options.
Does a short sale affect my credit?
A short sale can have a less negative impact on credit scores than foreclosure and may allow a homeowner to be eligible sooner to buy a new home under Fannie Mae guidelines.
What price is Bayview willing to accept?
Your Bayview representative will work with you to ensure that a fair offer is accepted for the property. That price will depend on the current fair market value of the property. Please contact your Bayview representative for conditions regarding government sponsored programs such as HAFA that also provide relocation assistance for those who are able to complete a short sale.
I have received a foreclosure notice. Can I still do a short sale?
Yes, in some cases it is possible to do a short sale up until the day of a foreclosure sale. However, you should contact our Bayview representative for more information about your particular situation.