Short sales a win-win – or a minefield
An article in the Sacramento Bee was made available by the CALIFORNIA ASSOCIATION OF REALTORS®:
“With more homes going into default, and more homeowners unable to qualify for loan modifications, short sales are becoming a viable alternative for many. However, these transactions can be complicated and often require more paperwork and time than a more traditional sale.
MAKING SENSE OF THE STORY FOR CONSUMERS
• Short sales are designed to offer homeowners and banks an alternative to foreclosure. Generally this tactic is employed during real estate downturns, when it becomes more difficult for a homeowner to sell the property for an amount equal to or greater than the amount owed on the original loan. Short sales can be a win-win because they allow sellers to avoid foreclosure and can be less damaging to the seller’s credit score than a foreclosure. With a short sale, buyers have an opportunity to purchase a home at a more affordable price.
• Short sales often are more time intensive than a traditional transaction and often require additional paperwork. Because some banks are overwhelmed with short sale offers, it is important that the seller working closely with their REALTOR® to provide all of the necessary paperwork to ensure that the bank can accurately assess the situation and make a decision that benefits all parties. Sellers who opt for a short sale may best be served by a REALTOR® who has experience working with short sales and is familiar with the required paperwork.”
I totally agree! Short Sales are not for the faint of heart. If you are considering listing your house as a Short Sale in the hopes of avoiding foreclosure, make sure you are using an agent who knows what they are doing.
Give us a call at 800-895-5112. You’ll find out that we are local, we know what we are doing, and we can help. We’re happy to answer your questions and guide you through the process.
with blessings,
Claudia
Certified Short Sale Specialist