Short Sale Information
It’s all the talk among the real estate blogs. Have you heard?
So what exactly is a short sale?
A real estate short sale is when a home gets sold and the proceeds from the sale “fall short” of what the property owners owes on the mortgage(s) on the home. The bank(s) agrees prior to closing to accept a lesser amount than what it is owned. The bank will do this if it feels it will get more money through a short sale than through the timely and expensive cost of a foreclosure action. The property owner will often consider a real estate short sale when the owner receives assurance from the bank the loan will be deemed “paid in full.” Sometimes though, the property owner’s only option is the short sale, even if a deficiency judgement results in the process.
Some Short Sale Advice
If you own a home that is highly leveraged (read that to mean that you borrowed as much money on it as you could sometime in the past three years) and you need to move for one reason or another, you need to know that you basically have four options right now:
Interviewing the Real Estate Short Sale Expert
Once you have determined that you must sell your home and you are concerned about maintaining your credit rating, you must interview the best real estate company to successfully work through the real estate short sale. That’s right, the correct company. The short sale process is easy to talk about, but the reality is that few companies give good short sale advice. Good companies successfully help the property owner through to the very end, with complete forgiveness on the loan. Here are some critical issues you should address in the interview:
The Real Estate Short Sale Process
First and foremost, one must realize that real estate short sales take much longer than “normal” sales. This is because the bank requires a due-diligence period to ensure that it is not being taken advantage of and to ensure that it is getting the best return on its investment. I believe that this is fair. But there are things that your real estate company can do to make the short sale process go quicker, and that is where experience is the key.
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