Listing your home as a short sale
Published On: January 29, 2011 Posted by: TownsRealty
If you are one of the millions of homeowners who are struggling to keep up with their mortgage payments, there are solutions for the problem!
If you tried loan modification and your mortgage company denied you, your best option to avoid foreclosure is to short sale your home.
A short sale is the sale of a home in which the sale proceeds fall short of the balance owed on the property’s loan. It occurs when a homeowner cannot pay his mortgage payments anymore, and the lender decides that selling the property at a controlled loss environment is better than a foreclosure on the property. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the lender and poorer credit report outcomes for the homeowners.
If you are contemplating the short sale option, contact an experienced short sale Realtor that knows how to get the short sale processed and completed. There is much more to a short sale then putting it on the market, getting an offer and send it to the lender. A short sale has to be priced according to the real estate market and not at a low ball price. Having an agent that understands and is experienced with the short sale process is half the battle!
The best thing to do when having trouble with house payments is to make an action plan and contact an experienced Realtor for short sale assistance.