What is a Short Sale?

    A short sale is a transaction that allows for the sale of a property for an amount that is less than the amount that is owed to the bank. The bank in return accepts the proceeds as full settlement of the debt.

What is Deed-In-Lieu?

    A Deed-In-Lieu of foreclosures is a voluntary conveyance of title in exchange for a discharge of debt.

What is the Role of the REALTOR®?

        * The Miranda Group affiliate REALTOR® is the contact person with the delinquent or distressed borrower. The Realtor is partnering with Miranda Group for a win-win transaction.

        * The Realtor is required to assist Miranda Group in counseling the borrower, preparing the estimate for the property, and quickly assist in finding potential buyer/s so that the homeowner will avoid foreclosure.

        * Realtor is responsible for listing and selling the property, (it is possible to have a selling agent join the efforts), opening escrow and filling all required steps up until transfer of title and close of escrow.

Why sign up with Miranda Group?

        * Receive listings for free,

        * Provide assistance to distressed property owners

        * Successful short sale will bring more assignments

What is required from the property owner?

  

The property owner must:

        * Sign a listing agreement with the Realtor

        * List the property for sale

        * Cooperate with access, showings, offers, the Realtor and Miranda Group

        * Vacate the home following close of title

        * Agree not to finance or otherwise encumber the property

        * Be responsible to maintain the home in "show" condition

        * Be responsible for minor repairs to the home

        * Be a responsible homeowner until close of title and vacancy of home.

What qualifies a borrower for a short sale?

        * Borrower must have been delinquent on their mortgage payments

        * Borrower must demonstrate a true hardship

        * Other Loss Mitigation Solutions have not been successful

        * Approval from Lender

What is the role of Miranda Group?

    Miranda Group is an expert in negotiating with lending institutes. We will negotiate to achieve the most suitable solution for the property owner.

REALTOR® Questions & Answers

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