Short Sale Information
- Can I sell at a Loss?
If you or someone you know owes more on their home than what it is
worth, contact me for
a confidential consultation. I will also be happy to provide
recommendations for legal counsel and other service providers. People who can help.
Why would a Seller want
a Short Sale vs. a Foreclosure?
It is a sad fact
that the majority of people going into foreclosure have just given up, and
never realized that they may have a much better option. If the homeowner is
assisted by a Realtor, real estate attorney, and/or title expert who all
understand the short sale process, there is a strong chance that foreclosure
can be avoided.
Many homeowners don’t think they can afford to sell. This is a
tragic assumption, because most Realtors only charge a commission if a sale is
made, and the Lender pays the commission!
A foreclosure is much
more damaging to a person’s credit rating than a short sale. A short sale is a
settled account, where a foreclosure is a default. Many job applications and
security clearances are challenged by a foreclosure. Foreclosures remain on a
credit history for at least 7 to 10 years. A Seller can bring their
credit rating back up from a short sale in 2 to 3 years or less.
advise that a homeowner facing foreclosure seek qualified and experienced legal
counsel. We are happy to provide referrals. Short sales are much
more work for the Realtors involved, as well as the title company handling the
transaction. I cannot emphasize enough how important it is for the Seller to be
supported by the right team.
From our standpoint, it is well worth the
extra work, knowing that it can make such a huge difference for the financial
outlook of our customers.