All short sales have several things in common: 1) The property is to be sold for less than the amount the seller (borrower) owes on the loan and the lender (loan holder) agrees to take the loss; 2) Some kind of a hardship exists that forces the seller into this situation. The hardship must be acceptable to the lender.

This is a good way to keep a foreclosure off your credit record. Depending upon how the lender reports the sale to the credit reporting agency, it will generally show up as a “sale of real property,” or a “settlement.” It will not be reported as a “foreclosure.”

“Preforeclosure Sale” is the term used when the loan is FHA insured.

“VA Compromise” is the term used when the loan is VA insured.

“Short Sale” is the term used for conventional and other types of loans.

If you are in the position where you are, or soon will be, unable to pay your mortgage payments, one of these types of sales might be the answer. If you are not sure, call The GOLDEN Team at: (800) 930-4486 or e-mail us at goldens@goldenteam.com.

Title companies insure the owners of real property that they can hold title free and clear. This is done after the title company has searched the county records and made sure that there are no recorded liens or encumbrances against the property. The title company cannot insure against unrecorded liens or encumbrances.

This is an oversimplified explanation of title. Title is extremely important! For a detailed explanation of title, or for a list of some top quality title companies, call: The GOLDEN Team at: (800) 930-4486 or e-mail us at goldens@goldenteam.com.

There are many types of loans. A lender can help you choose the one that is the most comfortable for you.

It is extremely important to get “prequalified” with a lender before you go out with your realtor to find “that perfect home.” The prequalification process is painless, and usually involves about a ten minute conversation between you and the lender over the phone. The lender can then fax a “prequalification letter” to your realtor that can be presented to the seller with your offer. The prequalification letter does not guarantee that you will get the loan. This can be accomplished after you have filled out a loan application with the lender and after it has been processed. If everything is O.K., the lender will give you “full loan approval” for a specific amount of money. Besides cash, your strongest negotiating tools are your full loan approval and a realtor that is an experienced negotiator. The GOLDEN Team is composed of three realtors who are experienced negotiators.

For a list of some top quality lenders, call The GOLDEN Team at (800) 930-4486 or e-mail us at goldens@goldenteam.com.