SHORT SALE YOUR HOME:
What is a Short Sale?
A short sale is when a lender allows a homeowner to sell their home for less than what is owed on their mortgage. In most cases, and with the right listing agent representing you, you can also have all of your debt forgiven for your mortgage.
Short Sale vs. Foreclosure
If you’re having trouble making your mortgage payments every month, and if you have not been successful getting your loan rates refinanced or reduced to an affordable rate, then a short sale is the best option for you. It’s true you will lose your property in both cases, but a short sale only affects your credit for about 2 years, whereas a foreclosure will hit your credit for 7 or more years. Further, many banks and government programs offer homeowners financial assistance completing the sale and even help with moving costs. Don’t expect this treatment when you are foreclosed on.
Hire A Qualified Short Sale Expert Agent
Working with the right short sale agent is the most important decision you will make.
That's because a short sale listing agent does more than slap the listing into MLS and plop a sign in the yard.
The short sale agent handles negotiations with the bank. If the agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer.
Lenders have many different short sale processes and agents who are familiar with these are much better suited to negotiate with your lender. Experienced short sale agents can also make sure you pay little to nothing when selling your home. All agent sales commissions are paid by the bank as well. ShortSaleAgentFinder.com allows you to search for the closest short sale agents in your neighborhood, and view and compare their short sale profiles, so that you can make an educated choice when choosing who to work with.
BUYING A SHORT SALE:
Short Sales Work A Different Way
Purchasing a short sale is very different from buying a regular traditional sale. The main reason is because in a short sale, the market value of the home is less than what is owed to the seller’s lender. During a short sale transaction, the brokers negotiate with the lender to accept a “short” payoff on the loan, and in most cases, forgive the debt altogether. Buyers should be aware that completing a short sale purchase (closing escrow) can take anywhere from 1 month to 6 months or more, depending on the holders of the liens. For example, if the seller only has one mortgage, it is much easier than if he has two mortgages, since each loan has to be negotiated down separately. That’s why working with an experienced Short Sale expert agent is so important.
Work With a Qualified Short Sale Specialist!
Short sales require some extra skills from the real estates agent handling them. Every bank has their own procedures, with different documentation they require. Working with an experienced agent is a sure way to increase your chances for success. A qualified short sale agent has experience negotiating with bank managers on your behalf, and can make your case stronger, helping you secure the best possible price.