Giving up your home can be a traumatic business, which can be made even more stressful without a short sale realtor. Not just the financial aspect can be troublesome. The emotional impact of giving up the place that is tied so sentimentally to your family is very hard to take. If it is a house that has been in your family for generations, it can be even worse.
Not only is the sentimental aspect trying, but moving and adapting to a whole new house and neighbourhood can be stressful for all the members of the family. There are so many aspects to be taken into consideration, such as the possibility of a new school, workplace or commute route to both if the new place is very far away. Building social relations with new neighbours is always challenging, especially if you’ve gotten used to the same people’s company every day. There is also the question of a new layout for the house, the decor, and possibly, repairs to the new place. There is just so much to be done.
You can make it easier for your whole family by avoiding foreclosure and its consequent blow to dignity. Instead, you can opt for a short sale. Here is the principle of a short sale – in, for example, a Short Sale Phoenix, or anywhere else for that matter, the lender gets less than the entirety that is due, he can also minimize his losses by regaining the property faster.
Because the bank will be receiving money instead of the property itself, it is more convenient for them and for you. You can avoid having an unsightly dent in your credit history, and solve this problem in record time. It is never advisable to have a poor credit history because this will affect your ability to make transactions in the future.
Although it is the most advisable measure to take, a short sale is not as simple as it sounds. In fact, it takes a lot of negotiation and skills of persuasion. Getting through to the lender is not a simple process. It can be very frustrating when people put you on hold for very long and only end up not interested. However, this is one of the realities of the whole short sale business.
Trying to estimate the true market value of your property is a challenge for those who are not in this line of business. Since the process is no cost to you calculating what the cost of the sale will be for the lender closing costs and the amount of loans set against the house is also essential.
Take note that this is a business deal, so try to obtain the best terms you can under the circumstances. You will want the highest price possible, and terms and conditions that match your specific needs. Every short sale differs with the individuals involved.
Don’t jump into a deal without considering all of your options. Try to broaden your perspective and check on the availability of properties and the typical market prices reflecting the economic situation of the moment.
These pointers all sound very complicated and it is not surprising that a homeowner would prefer not to proceed with the short sale because of all the added pressure. But there is a way out of it, and a way to make everything go smoothly – contact a short sale realtor. Because this is her line of business, she knows all the shortcuts and how to navigate around them. Because of all of these complexities the Lenders insist on a Realtor being involved. If it is not listed with a Realtor, they won’t talk to anyone.
Most of these realtors are very savvy negotiators, so you can rest easy knowing you are in good hands. You can also learn a lot from them, and if you are really interested in the nuances of short sales and foreclosures, you can ask them about details like Fair Credit Reporting Act, RESPA, Short Sale Scottsdale, and the HAFA Program.
If you find out that you are a good candidate for a short sale, it is advisable to contact a short sale realtor right away and if you don’t know if you are a qualified candidate, your certified short sale realtor will help you establish that.
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