"Millennium helped me get out of my property which was upside down over $200,000 and facilitated the short sale on my behalf. On top of getting it closed MCG also got me a deficiency waiver. Now I can start to rebuild my credit and move forward without the large payments I was throwing away towards a home that was currently worth half of what I owed."
– Bobby (Nevada)
This is when the bank accepts less than what is currently owed on a property. Obviously this is not a typical transaction and the bank will be doing their internal due diligence ensuring the offer is in line with recent sales and they have all the required documents per the investor who owns the loan prior to issuing an approval. Every bank/investor requires different documents and also has implemented a different process of handling these submissions so it is a huge advantage to the seller to have an experienced third party handle these transactions. Although real estate agents, attorneys and title companies have tried to provide this service they typically have little experience and low conversion rates. That is why it is critical to have a third party with a proven track record handle your file and increase the possibility of obtaining the desired outcome.
Just getting the transaction approved is not all the work that goes into a short sale we also need to negotiate the terms of the transaction in order to minimize the sellers future exposure associated with the outstanding debt. This will enable the seller to have closure and move on after the transaction closes.