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7 Short Sale Myths

By Jennifer Ricco

Real Estate Agent with JohnHart Real Estate CAL BRE 01461940

November 29, 2009 07:29 AM

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don't know what to do. You're not alone and you're in the right place.

As Certified Distressed Property Experts, CDPE and Pre Foreclosure Specialists Certified, PSC we have training and experience in providing solutions to homeowners facing financial hardship. Despite our best efforts, there's still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, We have prepared a free report just for you - please go to our user friendly website www.SantaClaritaPreForeclosureSpecialists.com and fill out the information to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties
You Must Be Behind On Your Mortgage To Negotiate A Short Sale

These ideas are potentially harmful to homeowners seeking real solutions. We hope you'll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give us a call.

Gary & Jennifer Ricco CDPE, PSC

Keller Williams VIP Properties

(661) 290-3837

www.Pre-ForeclosureSpecialists.com

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Christine Hynes

American Capital Corporation - Laguna Beach, CA

Orange County Senior Loan Consultant

Jennifer,

I agree there are alot of myths out there or just plain wrong information.

Nov 29, 2009 07:34 AM

Gene perez

Greater Mortgage Solutions & Valley Hills Realty - Santa Maria, CA

I do agree with most of the posts although most lenders would rather forego foreclosure some big one's like Bofa actually make more money on a foreclosure due to share loss agreements with govt so they rather foreclose than do anything else.

Nov 29, 2009 07:37 AM

Jennifer Ricco

JohnHart Real Estate - Santa Clarita, CA

Christine, Gary and I feel that getting the right information out there is one of many ways we can help our community in this time of financial crisis. I hate seeing questions on Trulia or other mediums where a homeowner who is short selling their home asks other agents for advice on simple questions that the listing agent should have already provided to their client. Warning bells should go off to homeowners when hiring agents who are not equipped to handle these transactions! Can that agent tell that homeowner if a short sale is truly the best option for them?

Nov 29, 2009 07:45 AM

Linda DeRusha

Coldwell Banker Advantage - Garner, NC

Broker/Realtor, ABR,ASP,CDPE

Thanks for the great post. This should help you get some new leads that are in need of your help with a short sale. Good for you.

Have a great day,

Linda W DeRusha.ABR,CDPE.ASP

Coldwell Banker Advantage

Clayton NC

Gene, You are absolutely right about the shared loss agreement that the FDIC has, not many agents know about this! Education is key to helping homeowners, its our responsibility to stay on top of the latest industry changes and updates to best serve our clients.

Nov 29, 2009 07:49 AM

Thanks Linda, hope you enjoyed your holiday.

Nov 29, 2009 07:50 AM

Lisa Matykiewicz

United Brokers Group - Gilbert, AZ

Jennifer, This is absolutely true. So many Distressed Home Owners are getting the WRONG information or somethings not getting any information at all. I am a member of an Elite Short Sale Team and we are hosting our first community event to get the information out to the home owners on Dec 8th. I am pretty excited to see how this goes...we will a lawyer,bank reps, lenders and of course ourselves as the Real Estate Experts. I will let the AR community know how it is received.

Your clients are lucky to have you!

Nov 29, 2009 12:22 PM

Hi Lisa, All we can do is educate those that want the help. So many homeowners are paralyzed with fear. We door knock homes in default, getting the homeowners to open their door is a big challenge, they probably fear that the sheriff's are there to throw them out. I wish you luck with your community event, let me know how it goes for you.

-Jennifer

Nov 30, 2009 03:50 AM

As of last Monday the Treasury is going to start offering cash incentives to both borrowers and lenders to get short sales done. Hopefully this can help a lot of people avoid foreclosure!

Dec 07, 2009 03:10 AM

7 Short Sale Myths

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Jennifer Ricco

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