No matter what happens with the economy, interest rates and house prices, the next few years we will continue to see both foreclosures and short sales. From an owner’s perspective, a short sale will often do less damage to their credit than a foreclosure – though in many cases the damage can be almost equal. There is a lot of work that goes into a short sale and lots to watch out for.
If you or someone you know is considering your options, my coworkers and I can help explain the process, direct you to additional resources if you need more information, and walk you through the entire short sale process. The real estate commission that is charged for selling a home is included in the amount that the bank accepts in a short sale, so there is no out of pocket expense to the seller. In both foreclosure and short sales situations, the most important thing you can do is seek help early in the process. As time goes on, your options become more limited.
For questions and assistance with short sales, call 1-800-941-0959.
There are many agents that claim to be shortsale experts but do not have the experience and training to back up that claim. The first thing that an expert will tell you is that while every lender and every situation is different, the core process and requirements are the same every time. As a homeowner pursuing a short sale you need to be willing to put in the effort to provide all the documentation and dialog that your lender(s) require. You also need to be aware that the whole process can three, six, or even nine months to go through and that the lender does not approve all requests. When/if the bank does approve the short sale, it is also very important that you know the full terms of the approval – in some cases the lender will release the home as collateral on the loan but will still expect you to pay the defficiency off. This is yet another reason why the agent you choose to assist you must be competent to answer these questions and others.
