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The Short Sale – selling for less than the amount outstanding

Lenders understand that the foreclosure process is time-consuming and expensive.
The average foreclosure in Florida takes eight months.

In many cases it is much better for the lender to accept a discounted payoff – otherwise known as a short sale (see video).

The short sale can benefit both parties: It relieves you of the debt and allows the property to be sold. Your credit score will fare better with a short sale. For the lender, the short sale cleans the loan off their books and stops further write-offs. As the lender releases you from the loan, the title passes to a new buyer.

Again, the short sale:

relieves the burden of the outstanding debt, and
is easier on your future credit score, compared to a foreclosure

In a short sale, the lender must have valid reasons to take less than the amount outstanding on their original loan. The smallest detail is important and could affect the sale. Because we have been lenders, we understand exactly what your lender needs to finalize a write-off decision and successfully complete your short sale.

Argus Capital uses a well-tested, proven process:

First, we prepare your Personal Financial Package for the lender’s review. This includes your financial statement, monthly income and expenses, two months’ payroll statements, two months’ bank statements, a hardship letter and our underwriting of your loan.

Second, we prepare an appraisal of the property.

We establish market value by using only the most recent sales in your immediate area. We also establish the percentage at which properties in your area have lost value over the past twelve months. This total picture of local real estate dynamics gives the lender a better understanding of what the asset is actually worth.

Argus Capital will give your short sale top priority. We strive to secure the fastest response. Argus is not reimbursed for its time unless it is successful in completing your short sale. This is our guarantee.

Give us a call today to put our experience to work for you!