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  • Short Sale

    The best way to sell a property in Dallas TX, that is more than 20-30% under water, without having to pay off the shortage, is to negotiate a short sale. This is also one of the most common ways to sell a property in which the owner is already many months behind in payments, has little or no equity, and wishes to avoid a foreclosure.

    A Short Sale involves an investor or buyer and a Realtor, working with the property owner to negotiate with the property owner’s lender. The goal of the negotiations is to postpone (and prevent) a foreclosure auction and negotiate a discounted payoff on the loan (or loans). Using this method, the property can be purchased at a reduced price (less than what’s owed) and a foreclosure can be avoided.

    Short Sale Example

    Let’s look at a Standard Sales Scenario…

    – Current Property Value: $185,000

    – Existing loan(s) payoff: $210,000

    – Sales price needed to break even: $231,000 (assumes ~10% closing costs and commissions, etc.)

    This property would have to be sold for approximately $231,000 to cover all loans, taxes, closing costs, commissions, etc. Unfortunately, the property is only worth $185,000 in the current market, so the property owner would have to come up with $46,000 to cover the difference.

    Now, let’s look at a Short Sale Scenario…

    – Property Value: $185,000

    – Negotiated loan(s) payoff: $165,000

    – Sales price needed to break even: $181,500

    In this scenario, after the loan is negotiated, the property can be sold for anywhere from $181,500 to $185,000 with no foreclosure and no additional cost to the property owner.

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