Short Sale/Foreclosure
If you find yourselve in the unfortunate position of thinking about short selling your property or a possible pre-foreclosure situation, please contact me. I have a Short Sale/Foreclosure Specialist on my team that can help navigate though this difficult process. If you are considering this option, you need to consult with and hire someone who has the specialized skills and has the knowledge to deal with the lending institutions, and understands the information that is required to be collected and sent to the various parties with an interest in the property. Don't hire just any real estate agent to do a short sale/foreclosure transaction. An inexperienced agent can make a messy situation even more difficult! Please know that these kinds of transactions take longer to negotiate, so you shouldn't wait until the bank comes knocking on your door before you consult a short sale specialist.
WHAT TO DO WHEN YOU ARE WORRIED ABOUT POSSIBLY LOSING YOUR HOME
Banks in this current market are committed to helping people stay in their homes with mortgage modification
programs. If you have contacted your lending institution and they have been unwilling to work with you on a modification/hardship financing plan, or the plan they have offered is STILL not possible for you to handle; the next step is to contact a short sale specialist. Only select a realtor/specialist that has experience in doing short sales...it is highly specialized and not every realtor is able to know the ins and outs of short sales and negotiate the process properly.
WHAT EXACTLY IS A SHORT SALE??? HOW DOES IT WORK???
A short sale allows a homeowner to sell their property for less that the amount of money owed to the lender.
This type of real estate transaction differs from a regular sale is a number of different ways:
- The transaction needs the approval of the homeowner, the buyer, mortgage companies and lien holders, and mortgage insurers before the transaction can be completed.
- The homeowner has to prove they have a financial hardship...that they can't pay their current loan payment, and that situation has to be documented and substantiated with additional documentations gathered from the homeowner.
- The offers that are submitted to possibly become a binding offer for a short sale property will have to be appraised by an independent appraisal company. Sometimes the property will have to be appraised more than once to prove that the offer is close to fair market value. Offers that are substantially lower than fair market value will probably be declined by the lender.
Due to the nature of this transaction, and all of the parties being in agreement, and different information required, these types of sales take substantially longer than regular real estate transactions. It is importation to start this process long before the bank gets ready to foreclose on the property.
Please contact me directly at fstevenson@realtracs.com so I can help find the best solution for your situation. The short sale specialist on my team will contact you right away and help advise you on how to proceed with this very difficult and emotional situation.
