The Real Estate Short Sale
If you are reading this hoping to buy a foreclosure home please read on about the Pre-Foreclosure or Short Sale. If you are reading this because you anticipate difficulty or are already experiencing difficulty making your mortgage payments, let me say that I do understand that the financial strain can really be tough and stressful. I commend you in choosing to educate yourself in other solutions to foreclosure. he short sale not only saves you the stress of foreclosure, it won't harm your credit as bad as a forced foreclosure.
The short sale is a term used by Realtors and lenders to describe a sale in which the mortgage company agrees to accept a sale price less than the full payoff amount of a mortgage. There can be many reasons why you cannot make your monthly mortgage payment. Don't continue to max out those credit cards. You may break free of the mortgage debt, but you will still have substantial credit card debt over the coming years. Solve the financial crisis by getting out from under that huge mortgage payment.
Why would banks accept less?
Simply put it will save them money in the end. If you've seen a amortization schedule for a mortgage you would have seen the first few years payments are primarily interest. The banks get most interest up front. Even though they will be accepting less than the amount owed, they are more likely still profiting from the sale. The bottom line will only increase if they can leave the courts out of the transaction. Ultimately it is up to the bank whether or not to accept the offer.
First of all, if you see you’re a getting in trouble, don't wait until the bank has begun the foreclosure procedure, call me today. Even if the bank has begun the foreclosure, I can still help negotiate with the bank for a short sale. We can work together to find a market your home and find a buyer, then negotiate our way to financial freedom and peace of mind. We will discuss the balance you owe, the marketability of your home, the market value, market time and potential options for you and your family.
Thinking about buying a foreclosure?
There are several reasons to consider a short sale over a foreclosed property. First, short sale properties or pre-foreclosure homes are typically still occupied by the homeowner. This means they are more likely to maintain the property in a livable way. Home owners sometimes damage or deface properties out of anger at the mortgage company for taking their homes. You may only have minor repairs instead of major renovations that are needed on previously vacant / foreclosed properties that have been damaged by angry previous occupants.
Second you will have negotiating power. The days of buying a foreclosed home "as-is" sight unseen, no home inspections, and no negotiation are gone. You will be able to inspect the property and make sure you are getting what you pay for. This is a fair transaction for all involved.
Third you will have more time to complete the sale. Very likely the bank may take 30-60 days to accept the sale of the home. You will have more time to prepare your family for the move.
Fourth you will likely be helping a family in troubled times overcome the financial burden of a too large mortgage payment.
I am sure you have many questions about the short sale process. It can be a very in depth process. No matter whether you are a buyer or a seller, you will have a less stressful, satisfying experience in a short sale as compared to the foreclosure. Call me for a in home free, confidential consultation. My time is your time!
