Short Sales are usually a better alternative than a foreclosure. Why wait till it is to late! Sellers need to talk with a competent professional to see what is best for their situation.
I have seen so many bank foreclosed properties that were never on the market. How does this happen? In the present market, there is really no reason for a home owner not to try to save themselves the travisty of a foreclosure! More and more banks are putting systems in place to assist their home owner clients with the Short Sale process.
We have come a long way in Massachusetts in the last 24 months. When I first heard the term "Short Sale", it was shrouded in mystery. Questions abound: How do you write up and offer? What closing date do you use? What is the phone number of the lien holder? Who do I talk to first? This has changed!
A Short Sale is when the lien holders on a property are willing to take less they they are owed and are willing to release or partially release the consumer from their mortgage agreement. It allows a sale to be processed which prevents a foreclosure from taking place.
Today, the Short Sale process has been streamlined in many ways. It is still not an easy process or concept to manage but worthy of a chance to prevent a family from facing foreclosure. It is important that consumers understand they have many options, especially when they feel they are at the end of their rope in their financial situation. They need to make the call for help as soon as they feel they are not able to keep up with mortgage payments. It is difficult to give up a home. A short sale allows for more ptions for recovery.
Education and clear communication will help turn this economy around. I hope that home owners in distress will reach out and find answers before they walk away from their home and leave the keys to the bank. Contact a REALTOR who is willing to work through the process of a short sale. Make sure they have a track record of selling Short Sales. Make sure they have a team of professional who will be willing to help through the process of a Short Sale. Make the call...