Read an interesting statistic the other day -- in 2010 there were at least 700,000 foreclosed homes that never were listed!!! 700,000 homeowners did not know they had an option besides foreclosure. That is a scary number. Those homeowners were never told. Someone just put the foreclosure sticker on their file and on their home and moved on. This is a serious number. And I am here to tell you that there are options.
One of the best options out there right now for people facing difficult times is a short sale. What is a short sale, you ask? Well, a short sale is a contract between the buyer and seller that must be approved by the seller's lender. The seller's lender is approving an agreement to settle the home owner's note for less than the full amount owed. Sounds easy. No. Definitely not easy, but worth a try! A short sale does not hit your credit like a foreclosure. A short sale can actually HELP you in a difficult time. We all know someone who is going through a tough time financially. Out of those people, how many know about this option?
Now, let me clarify, a short sale is not a sure bet. There are procedures and hoops that need to be jumped through before everything is said and done. A short sale approval can take an average of six months. Yes, I said six months. Patience is key on both sides - buying and selling. Pushing paperwork is the name of the game. And, as a seller, you have to be motivated. You have to want to move on and put the past behind you. In some cases, depending on the bank, sellers have been able to purchase another home within two years, as long as they qualify.
As a short sale specialist, I expect challenges. This is not an easy process. Cooperation with the banks is key. Keeping a level head is key. Having a seller that really wants this to happen is key. But the feeling you get when you just helped someone avoid foreclosure and another bump in the road, is the best feeling. All the work is worth the pleasure!!! Do you know someone you can help?
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