Sometimes we all could use a lifesaver, couldn’t we? If you are underwater in your mortgage but need to sell your home, short sale is considered by many as the best option available. Short sales help people get out of a bad situation and get on with their brand new life, free of the old mortgage debt. In times of economic upheaval and tight real estate markets like this one, every successful short sale translates to a foreclosure that will never happen. That’s always good news for homeowners and communities. And that’s why short sale is an increasingly popular choice for upside-down property owners.
But short sales are complicated transactions. Start your journey here. Get the answers to your short sale questions, and then locate expert local assistance to get your short sale on the market and approved. For best results, it’s important to choose an experienced expert with a proven track record of success, like the agents on the Best Atlanta Short Sales Team.
Sellers and buyers in a short sale should be prepared for a longer timeline than would be expected for most ordinary real estate transactions.
The short sale process is more complex than most real estate sales because it involves many different parties who must all agree. Getting to this agreement usually requires a longer timeline than a traditional home sale.
In a normal real estate transaction, the seller has the right and the will to sell, the buyer has the ability and the will to purchase, and it is a fairly straightforward process once the deal is struck between them.
In a short sale, the seller cannot transfer the property to a new owner until his lender agrees to take a loss on the outstanding mortgage debt. Additionally, there may be other parties to the sale who must also agree to this loss — for example institutional investors, additional lien holders, and mortgage insurers. More hands in the pot, so to speak, leads to a longer timeline than a traditional home sale.
Also any delay in providing the lender’s required paperwork and other requested documents will further slow the process.
A smooth short sale transaction with only one lender will usually take about three months to complete. Expert assistance from a licensed short sale specialist who knows your market can help you manage your timeline and avoid a long, drawn-out process.
While it is true that short sales are not easy transactions, the fact is that they CAN be (and most often are) successful when you arm yourself with good information up front, cooperate with your lender’s requirements, and enlist qualified help to assist you from start to finish — from finding a qualified buyer for your property to closing the sale and walking away free.
Get the information you need right here, then get the HELP that you need by engaging a real estate listing agent who is also an experienced short sales specialist right away.
Government help is available, too! HAFA, HAMP, HARP and more. In fact, you may qualify for relocation assistance — which means you walk away from the closing table with a check in your pocket in ADDITION to being relieved of your mortgage debt. Think you might qualify? Watch this CDPE video to learn more.
There are many ways that unforeseen hardships can change the joy of owning a home into an incredible burden. No matter what the cause of your troubles, ignoring the problem won’t help — it will only make it worse. You must act quickly to resolve the issue. To have a successful short sale, start by contacting your lender as soon as you know you cannot continue to make the payments to keep the property. Then contact a short sale specialist with a track record of success.
The Best Atlanta Shorts Sales Team has proven success assisting Georgia real estate owners to find buyers and get their sales approved by such lenders as Bank of America, Chase, Wells Fargo, GMAC, Citimortgage, USAA and others.
Is a short sale right for you? This short CDPE video may help you decide.