If only my clients had come to me earlier, we may have saved them from this sad fate of foreclosure. Doesn't it look like a cute house? Unfortunately circumstances can put homeowners in a bind, like job lose or medical expenses but once you realize you are going to be behind on your mortgage payment and there doesn't seem to be any solution you must act fast. The first step is to call your bank and see if there is any way to negotiate a viable solution but often the best thing is to sell.
In the case of my clients, they had equity in their home and could have sold at a break-even point but because they delayed, they accumulated late fees and penelties that put them in a position to short-sale. For those of you not familiar with that term, a short sale means that you must sell your home for short of what you own. It requires the banks approval and there will be penalties to you for instance the IRS does consider the difference of what you get and what you owe taxable income, not to mention the blemish it places on your credit.
It usually takes a few months on the market as a short sale before it goes to the bank for foreclsoure so we had it listed for 4 months. In Texas, foreclosures happen the second Tuesday of the month. My clients had time to clean up the house, move out and make it presentable for showing but they took a couple of precious months just moving out stuff and cleaning it up. By that time the market had gone soft and we couldn't even get showings although the price was well below appraised value. Yesterday, the bank foreclosed.
If you are interested in buyng or selling a house in thr greater Austin area, call me. I want to be your REALTOR and have over 11 years experience making things happen for you.
Austin, Texas. Robin Scott, BROKER Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.
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