Rio Rancho Short Sale Real Estate Agent

Rio Rancho Short Sale Real Estate Agent

Contact John Myers, Rio Rancho Short Realtor, today at 505 401-7500 for a free confidential evaluation of your situation, property value, and potential options. We utilize unique solutions to speed up the Albuquerque short sale process.  I am proud to have earned the prestigious Certified Distressed Property Expert Designation, having completed extensive training in foreclosure avoidance techniques with an emphasis on Rio Rancho short sales.

As a CDPE, I have been educated on how to help distressed Rio Rancho NM  homeowners through difficult financial situations and also how to communicate with lenders effectively to negotiate the best solution for both parties. The knowledge obtained by being a CDPE is invaluable in educating and assisting Rio Rancho NM homeowners through all their options.  You need a Rio Rancho Short Sale real estate agent.

Short Sale for Rio Rancho NM Homeowners

The current real estate crisis has hurt Rio Rancho NM and Sandoval County homeowners and the financial crisis in the United States has caused stress and heartache for many Rio Rancho New Mexico families. Foreclosure is a devastating financial challenge for Rio Rancho NM and Sandoval County families and one that may be avoided.  Call your Rio Rancho & Albuquerque Short Sale Real Estate Agent.

What is a Short Sale?

Rio Rancho NM  and Sandoval County homeowners that owe more on their primary residence than their home is currently worth can hire a Rio Rancho NM  Short sale expert to market and sell their property and negotiation a short sale with their bank(s). This typically requires the property to be listed with a Rio Rancho NM real estate expert and the Albuquerque homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, divorce, excessive debt, job loss, forced or unplanned relocation, and more.

• Benefit: A short sale allows Rio Rancho NM homeowners to salvage some of their credit ratings and avoid foreclosure. This also keeps foreclosure off the Rio Rancho NM home owner’s public record and in many cases will allow the Rio Rancho homeowners to avoid a deficiency judgment. Homeowners may qualify for another mortgage in as little as 24 months as opposed to five years for a foreclosure.
• Concern: Short sales are a difficult process in which Rio Rancho NM homeowners are best served by contracting with a Rio Rancho NM short sale expert to guide the way.

Why Would a Bank Consider a Short Sale Payoff?

In many cases, the banks only have two options if you cannot make your monthly payments

FORECLOSURE OR

SHORT SALE. 

It is costly and may take more than a year to foreclose on your home.  The bank will then attempt to sell the foreclosed home at a near-market value.  The home sits vacant for a long period and is susceptible to vandalism.  Ultimately the bank may sell the home near market value, they most likely will receive less than they are owed, and may take one to two years or longer to complete the transaction.

Oftentimes, Rio Rancho NM homeowners will remain in the home during the short sale process.  As your  Rio Rancho NM  Short Sale Expert, I will market and sell your home, negotiate with other professionals, coordinate all activities involved in the sale, and negotiate with the banks.  The bank will receive the proceeds of the sale which are less than they are owed.  Often a short sale saves the banks money and time.  Many banks prefer short sales to foreclosures.

Will a Bank Accept a Short Sale?

Yes, this is a common practice in Rio Rancho NM.  Short sales have become a larger part of the Rio Rancho NM  real estate market recently.

How Much Money Do I Need To Sell My House Short?

The banks will request Rio Rancho homeowners to contribute something t the closing of the transaction, this depends on the value of the assets you own.  Many families facing financial distress don’t have any assets of value and contribute nothing at closing.  In this situation, the banks and the buyers will pay commissions and closing costs.

How Long Does It Take to Complete a Short Sale?

It will most likely take between three months and one year.  Although, there are many variables such as the bank requirements, the skill of your Real Estate Professional, the location of your home, the time of year you are trying to sell, the pricing of your home, marketing your home, and current market conditions. 

Rio Rancho Short Sale Real Estate Agent

John Myers, Rio Rancho Short Sale Real Estate Agent

Myers & Myers Real Estate, Inc

Certified Distressed Property Expert

505 401-7500