While the current economic climate has certainly improved the number of sellers who have experienced hardships, it unfortunately, still happens. If you are a Homeowner who experiences a hardship that impacts your ability to make the mortgage payments on your home, please get help as soon as possible. There are many resources out there to guide you through this difficult time.
If a Short Sale is the best option, I encourage you to seriously consider the Listing Agent candidates that may approach you and what their success and model within the selling community are. Sadly, I have seen many sellers who are in crisis, but fail to have the correct representation for selling their home. This ranges from the Foreclosure Attorney who does not understand market conditions to the Agent that badgers a seller into the listing, never to be seen again. Think about these scenarios (all real) and look for a Top Agent in your community, who is successful in both Short and Non-Short Sale listings, has a degree of compassion for the situation and can skillfully work you through this challenging process. We are out there. Meanwhile, beware:
- An out of state, not for profit Attorney, who is attempting to communicate from a distance and has no understanding of the local market or the fact that their Homeowner client does not want to sell.
- A local Foreclosure Attorney, who does not know or understand the value of a Homeowners property and makes an assumption that a Short Sale is necessary because the seller client is arrears in their payments, however they have $350,000 equity, that will be lost in a Foreclosure Auction.
- Sellers not fully understanding the paperwork necessary to complete the sale and lacking the interest to comply with this necessary documentation upfront.
- Sellers contacting an Agent two days before the Foreclosure Auction to sell their home.
- Listing a home with an agent that has never been onsite and places the listing as an office exclusive, instead of aggressively marketing the home through the local MLS.
- Not being prepared to submit the financial data necessary to complete a Short Sale.
Short Sales are not easy and do not work for everyone, but an experienced Realtor can compassionately guide you through the complexities of a Short Sale if you determine this is the option for you. My best advise - stay away from the scams.
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