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A short sale is a proactive strategy employed by homeowners experiencing financial difficulties. It involves selling their property for less than the outstanding mortgage balance, subject to the lender’s consent, in order to avoid foreclosure.
Hello!
I’m Lola. Dallas/Fort Worth Realtor with 20+ Years of Experience.
Lola Carey, renowned as the DFW Short Sale expert, boasts a wealth of experience in the real estate industry spanning back to 2002. Specializing in the intricacies of pre-foreclosure sales, Lola is highly regarded for her proficiency and steadfast dedication to guiding clients through challenging circumstances. Armed with short sale certification since 2002, Lola brings a comprehensive understanding and a robust skill set to each transaction.
What distinguishes Lola is her unwavering commitment to proactive problem-solving. She empathizes with the stress and ambiguity often associated with pre-foreclosure scenarios, and prides herself on delivering compassionate assistance and expert advice to her clients. Lola’s proactive approach ensures efficient navigation of complex processes, facilitating optimal outcomes for her clients.
In addition to her professional accomplishments, Lola is deeply ingrained in her community and holds a strong belief in giving back. Whether it entails furnishing educational resources to homeowners confronting foreclosure or devoting her time to local volunteer initiatives, Lola remains steadfastly dedicated to effecting positive change.
In conclusion, Lola Carey, the esteemed DFW Short Sale expert, serves as a trusted advisor and advocate for clients traversing pre-foreclosure challenges. With her extensive industry tenure, specialized certification in short sales, and steadfast commitment to proactive problem-solving, Lola continues to leave a lasting impact on the lives of those she serves.
Services
Here is a comprehensive definition and elucidation of both short sales and foreclosures:
Short Sale (Pre-forclosure)
- Definition: A short sale is a real estate transaction initiated by a homeowner who is experiencing financial hardship and is unable to afford their mortgage payments. Instead of going through the foreclosure process, the homeowner opts to sell the property for less than the amount owed on the mortgage.
- Process: In a short sale, the homeowner lists the property for sale with the assistance of a real estate agent. When a buyer makes an offer, the offer is subject to approval by the lender(s) holding the mortgage(s). The lender(s) must agree to accept less than the full amount owed on the mortgage(s). Once the lender approves the sale, the transaction can proceed to closing.
- Outcome: A successful short sale allows the homeowner to avoid foreclosure and the associated negative consequences, such as damage to credit score and potential deficiency judgments. While the lender typically forgives the remaining mortgage debt, the homeowner may still be responsible for taxes on the forgiven amount, depending on the laws in their jurisdiction.
Foreclosure
- Definition: Foreclosure is a legal process through which a lender repossesses and sells a property due to the homeowner’s failure to make mortgage payments. It is typically initiated when the homeowner defaults on the mortgage, leading the lender to seize the property to recover the outstanding debt.
- Process: Foreclosure proceedings vary by state and jurisdiction but generally involve several stages, including notification to the homeowner of delinquency, a pre-foreclosure period during which the homeowner may try to resolve the default, and ultimately the sale of the property at a public auction if the default is not cured.
- Outcome: Foreclosure results in the loss of the property by the homeowner and can have significant negative consequences, including damage to credit score, eviction from the property, and potential deficiency judgments if the sale proceeds do not fully cover the outstanding mortgage debt.
In Summary
A short sale is a proactive measure taken by a homeowner facing financial hardship to sell their property for less than the amount owed on the mortgage, with the lender’s approval, to avoid foreclosure. In contrast, foreclosure is a legal process initiated by a lender to repossess and sell a property due to the homeowner’s failure to make mortgage payments.
Properties
Some of the short sell homes I helped clients with:
1115 Stanwyck Avenue
Duncanville, TX 75137-4707
3 BD | 2 BA | 1608 SQFT
1509 Rusticwood Drive
DeSoto, TX 75115-7775
4 BD | 2 BA | 3034 SQFT
12412 Littlefield Drive
Frisco, TX 75035-2314
5 BD | 3.5 BA | 3,846 SQFT
2044 Stagecoach Trail
Heartland, TX 75126-8290
3 BD | 3 BA | 2300 SQFT
Testimonials
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Angela Charlton
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Kason Espinosa
Saif Guerra
Lola Cary, Real Estate Agent | Short Sell Expert
Office
12225 Greenville Ave Suite 1050, Dallas, TX 75243
Phone Number
(469) 570-2019
Business Hours
Sunday By appt only. Monday 10am – 7pm Tuesday 10am – 7pm Wenesday 10am – 7pm Thursday 10am – 7pm Friday 10am – 7pm Saturday 10am – 7pm
Do you need some help?
Are you seeking support in selling your home? Our team is here to guide you through every step of the process. With our expertise and dedication, we ensure a smooth and successful sale. Let us alleviate the stress and uncertainty for you. Reach out today for personalized assistance.
