What is a Short Slae you ask? A contract between the buyer and the seller that must be approved by the seller's lender. The Seller's lender is approving an agreement to settle the homeowner's note for less than the full amount owed.
Good News:
Lender Processing Services ( LPS) reports the early 2011 delinquency rate is down 18% from 2010
Not-so-good news:
- 6.9 million properties are still more than 30 days late, or in foreclosure
- 4.4 million of those are more than 60 days late.
- WOW MOMENT- Only 1 in 4 Home Affordable Modification Program (HAMP) loan modifications even make it to trial stage- Less than 10% suceed.
So here I am a consummer that is holding on by a thread, I can't sleep at night knowing that my next payment is around the corner. I have had my house on the market, cleaned my home, decluttered my home, listed it with multiple agents over the year, have plugins all over the house...what do I do? Well it is time to get honest with your Realtor and yourself.....Pick up the phone and tell them what is going on and let them help!
Here's the deal....as Josh Pomerieau, Minneapolis, Mn. said " Banks incur a lot of additional expenses when they foreclose- legal fees, security and damage issues, repairs, property maintenance, insurance, evictions, agent or auction fees, and more. A reasonable short sale is almost always going to net more money to them."
So what can you the consummer do....Find an agent, interview them, talk about short sales. You are not alone! Get busy and get out of your home. An agent that understands Short Sales in Columbus, Ga. will walk you through it and there is a chance you could be out of your home and relaxed by a pool somewhere soon!
Here in Columbus, Ga. Short Sales are everywhere, they are almost as common as a typical listing. We as agents do not even look at it much we just look at the property and the good value, show and sell! If you need any further information on Short sales in Columbus, Ga., Phenix City, Ft. Benning area please do not hesitate to gove me a call @706-681-2828
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