American Properties Group LLC
American Properties
American Properties Group

(Frequently Asked Questions)

What is a Short Sale?

A Short Sale is a deal we make with your bank(s). We negotiate with them to allow us to "short" the mortgage. We find a buyer and negotiate until there is a deal near today's market value that the bank will accept as payment for the property.

Why do I want to do one?

If you are having trouble with your mortgage payments, you can do a few things:

- Allow the bank to foreclose. BAD for your credit for 7-10 years!
- Ask for a mortgage modification - can help, but usually the banks will not reduce the payments by enough to make a real difference. 60-70% of modifications end up defaulting.
- Do a Short Sale. We have cash investors waiting to buy any property we are selling if it fits their requirements. We work with your bank(s) to get the deal accepted. This is much better than a foreclosure in regards to your credit!

How long does a Short Sale take?

It can take from 2 months to 18 months. It depends on your bank and how far behind they are and how willing they are to sell at a reasonable price. We will work with you and make sure it moves fast or slow depending on your situation.

What happens to the difference?

The difference between what you owe and what the property sells for can either be written off (most common) or the bank can come after you for this amount. We will consult you on the details here.

What are the tax consequences?

We will not give legal or financial advice, BUT we will point you in the right direction to find a professional who can answer this question. We will also discuss what solutions other people have found.

What paperwork do I need to get started?

You will need a few documents including recent tax returns, pay stubs, bank statements, hardship letter, and financial statement. We will help with any  that you need help with!

How are we different?

We do ONLY Short Sales. WE have been in real estate for 10 years and in Short Sales for 3 years (they were not common before then!) and are experts in the field. One major difference is that we work with a few big investors that will write a contract on your property within the first few days! We then submit the short sale to the bank. Almost all others will put your property on the market and wait until an offer comes in before starting the short sale procedure with the bank. This can save many months of frustration!




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American Properties Group LLC

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