What is the chance of having short sale success is the question on most people’s mind. A successful short sale could be considered a success when the home owner sells his/her home before a foreclosure happens and walks away without a deficiency judgment from the lender.
Short Sales are not uncommon to Banks and Lenders there are short sale and foreclosure statistics from Realty Trac that suggest distressed properties are one third of the listings for sale. In fact in some areas like Arizona and Las Vegas they are almost half of the sales.
In fact Banks and Lenders are becoming proactive and mailing letters out to their customers explaining the short sale program. They have delegated entire offices and staff to Loss Mitigation. They want to take the quickest route to get the non performing asset off their books.
The chances of a short sale success are increased if;
- The property is damaged and needs lots of repairs.
- The homeowner owes more on the property than current market value.
- If there is lots of bank owned houses and short sales on the market.
- If the homeowner has already tried to sell or refinance the house for the owed amount and failed because the current market value is less than what is owed to the lender.
- If the cost for the lender to foreclosure plus the value of the house add up to be more than the house is worth.
- If there are junior liens on the house that are also accepting less money or being forgiven completely.
- If you have a Real Estate Agent who is a Certified Short Sale specialist
- If you have all the elements required for the Lenders package to determine if you are eligible for the program
Short Sales are complicated and should be handled by a talented and experienced Certified Distressed Property Agent like myself. If you are a resident of Kitsap County or live in Silverdale, Bremerton, Port Orchard, Poulsbo etc... I can help you. contact me at http://better-homesandland.com
There is great training out there for Agents now so there is no reason to settle for less. You wouldn’t go to your Chiropractor for brain surgery and you shouldn’t allow an inexperienced person to assist you with the Short sale of your home. After all, your home is in jeopardy of foreclosure and your credit is in jeopardy of being ruined for years to come.
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