Do you have a financial hardship? Are you under water which means you owe more than your house will sell for? If so, you may be eligible to do a short sale!
Some think foreclosure is inevitable when they can't make their house payment. The truth is that you don't have to sit back and accept a foreclosure! Check with your lender and find out all your options! Do you want to keep your home? Ask about a loan modification, refinance, etc. Do you need to move? Ask about a short sale, deed in lieu of foreclosure, etc.
Some people think foreclosure is the answer to get them out of a tough situation. The truth is that there may be taxes owed on the difference, and your bank may go after you for a deficiency if you live in a recourse state such as Utah. The owners' problems could get deeper with a foreclosure on their record.
Many owners have heard that banks don't want to do short sales. I recently attended training for one of the REO companies I represent in marketing their homes. I was told banks are putting a larger emphasis on accepting short sales rather than foreclosing. Short sales cost the banks less than foreclosing, so that is an intelligent route to go.
Some think doing a short sale is just too much trouble. The short sale process is lengthy, but workable and often makes a win-win situation for all concerned. As one of my buyers recently said, "It was worth the wait to get the right home."
Some owners believe that they have to pay commissions and out-of-pocket money when they participate in a short sale. In actuality, a short sale shouldn't cost the seller. The bank typically pays the commission and closing costs for sellers. The homeowner often receives an incentive to complete the sale, so the owner may actually come out ahead financially.
When should the short sale begin? I recommend that you begin NOW! Do not wait until foreclosure costs mount, and the sale is just around the corner. Then it may be too late to get the bank to postpose the foreclosure to work on a short sale. The sooner you start the process the better chance you have for a successful short sale in my opinion.
Some homeowners believe they won't qualify for a short sale if their loan modification has been denied. The truth is that the requirements are different for short sales vs. modifications. There are financial requirements to get a loan modification. I have seen successful short sales for people who have lost their jobs and have no income. If your modification has been denied, go for the short sale as soon as possible.
Will I ever be able to purchase a home again after a short sale? Yes. There may be time required, and your entire credit picture will be reviewed. I helped one seller complete his short sale, and he was able to purchase a home in less than a year. There is light at the end of the tunnel. I believe a short sale is a better option than foreclosure if you want to be a homeowner again soon.
Some believe any agent can handle a short sale. I believe experience and training are absolute requirements in choosing your agent. Janet Naisbitt-Bagley and her licensed assistants Jennifer Corral, Matt Bagley and Susan Wiley have their National Short Sale/Foreclosure certificates and are experienced in marketing short sales. Ask about our success stories.
Whether buying or selling, call the Janet Naisbitt-Bagley team for experienced, trained, top service with all of your real estate needs at 435-865-1019 or 800-934-3742 or email naisbitt@infowest.com. Janet's team is known as the real estate team that cares about you at ERA Realty Center, Cedar City, Utah 84720.
Check out the information and many services available on Janet's website at www.homesincedarcity.com. You can also search the MLS for short sales, foreclosures, HUD homes and other bargains at www.homesincedarcity.com.
Please remember that Janet LOVES REFERRALS -- call 435-865-1019 or 800-934-3742 or email naisbitt@infowest.com.
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