Attention Homeowners if you have been served with foreclosure papers please consult your own attorney as soon as possible.

In most cases the bank and the attorney will both recommend that you try to sell your home as soon as possible by using a short sale.

What is a short sale? A short sale is when you are allowed to sell your house for less than what you owe the bank. Example: You owe the bank $100,000 for your house. You have an offer on your house for $85,000.00. The bank allows you to sell your house for $85,000.00 taking a $15,000 loss.

Why does the bank allow this? The Foreclosure process is a very expensive and drawn out process for the bank. The can usually recover more with a short sale rather than foreclosing and auctioning off the house.

How do I do a Short Sale? First and foremost the clock is ticking. You need to act quickly in order to get an offer to purchase on your property before the property gets auctioned. Your first step is to call a Real Estate Agent familiar with short sales.  You then need to devise with the agent a marketing and pricing strategy that will get you a quick offer on your house. This is not the time to hold out for all you can get. You won't make money with a short sale but you will not have a foreclosure affixed to your credit report which will make it difficult to rebuild your credit and purchase future property.

I know that the prospect of foreclosure is very scary and can get very emotional. But by doing a short sale you can save your credit and it will be easier to pick up the pieces and rebuild.

For more information or to meet with me confidentially please call me anytime at 315.515.8348.