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A Short Sale could help you make a tough situation a bit more palitable.

By Judy Tuscano

Real Estate Agent with Prudential Verani Realty

June 04, 2008 03:00 PM

It is unfortunate but many of the Bank Forclosures currently on the market could have been Short Sales if only the owner had faced the music and admitted that they were in trouble.

If you are having trouble meeting your obligations and think you may end up losing your home, don't wait until you are 4-6 months behind in payments to call for help. Contact a REALTOR who is experienced in short sales at the first sign of trouble for a Market Analysis. This will help you to assess the entire financial situation.

Next, touch base with your bank and let them know you are marketing your home and there may be a shortfall. Ask for a contact person to help you work through this process and give him/her the name and number of your REALTOR.

If you work cooperatively with your REALTOR and your bank the chances are good that you can work out terms that will help you stay in the house until it sells and help the bank recover most of the money it is owed without having to go through the foreclosure process.

Our team is ready to help you if you find yourself in a similar situation so contact us to arrange an appointment and discuss your options.

Judy Tuscano, REALTOR

Team Tuscano

Prudential Verani Realty

603-498-2263 cell phone

603-693-0919 office direct

jude1220@yahoo.com

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Dwayne West

Atlanta Real Estate - Canton, GA

Canton Georgia Real Estate

You are right. I have done a couple of these and they require alot of work, but it really helps the homeowner.

Jun 04, 2008 03:06 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Judy - early analysis is key. Some of the lenders are getting very pro-active and calling their borrowers to see how things are doing. Nice message.

Jun 04, 2008 03:10 PM

Steve Homer

The HBH Group (Keller Williams affiliate) - Round Rock, TX

There are some signicant down sides to selling short as well though and sellers should be made aware of them. I blogged on this recently. CLICK HERE to read my ramblings... Thanks!

Jun 04, 2008 03:13 PM

Linda Scanlan

A Fan of AR - Burleson, TX

Judy, this is so true! I don't know why sellers wait until it's way too late to do anything about their inability to pay their mortgage! I guess they think if they just ignore it all it will go away..

This is a great post and you stated it very well!

Jun 04, 2008 03:27 PM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Judy as big of a pain in the butt as Short Sales are, they are preferable to getting foreclosed on. Hopefully homeowners who are in danger of losing their home will become a little more educated about this.

Jun 04, 2008 03:40 PM

Jim Mazziotti

EXIT REALTY BEND - Bend, OR

Exit Realty Bend

Judy,

I began working with Washington Mutual several months ago trying to help a client who can no longer make payments. I have been given wrong numbers, wrong information and not one person at WAMU will give me solid info. Any hints?

Jun 04, 2008 04:11 PM

Monika McGillicuddy

Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH

Southern NH & the Seacoast Area

Frustrating! It is frustrating working a short sale. I feel for the sellers in that situation and for the REALTORS invloved.

Jun 05, 2008 03:06 AM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Eric - Sounds like you have a handle on how to deal with these.

Dwayne - Even though it takes more time and effort the outcome is so much better for the seller.

Joan - This is so true - being proactive can be the sellers best friend in fact they may find out that the bank actually can help them to keep their home if they act quickly.

Steve - There is a downside to everything but when you look at the whole picture and see that it could be worse - a short sale can be the lesser of 2 evils.

Linda - I think sellers are just hoping that a miracle will happen for them and the economic tide will turn in their favor. Thanks for stopping by.

George - I hope that this helps some open their eyes and realize that there are people out there willing to help at a really difficult time.

Jim - From what I understand WAMU has been hit hard by the foreclosure market. It is really hard to get that initial contact and keep them due to ever changing personel at the banks, you may want to try to get a supervisor to speak with and keep good notes on when you call, who you talk to etc.

Monika - You have that right - but when it finally does close - the sellers are so relieved and the REALTOR who worked so hard for so long will finally have a pay day.

Jun 05, 2008 03:56 AM

Monika McGillicuddy

Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH

Southern NH & the Seacoast Area

Judy...sometimes there is no REALTOR payday. I've heard a few stories lately that make me proceed with extreme caution.

Jun 05, 2008 08:19 AM

Linda Scanlan

A Fan of AR - Burleson, TX

Judy, I 2nd what Monika just said..I have a friend who worked 4 months on a short sale and did all the negotiations with the bank and when it came payday the bank told her that she wouldn't be paid because she wasn't the one who had authority to do the negotiating. Her broker is trying to get her the money..that's just plain wrong!

Jun 05, 2008 08:34 AM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Monika & Linda - part of the negotiation with the bank should include the commission to the broker who brings the offer to them. I guess with any negotiation there can be a break down in the deal but I would fight if there actually was a closing to get paid.

Jun 05, 2008 01:50 PM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Jun 05, 2008 01:50 PM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

Judy,

Real estate agents should drive around with a bumper sticker that says TAKE ACTION NOW.

Mike in Tucson

Jun 05, 2008 04:29 PM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Mike - I like the way you think. Thanks for your comment.

Jun 06, 2008 03:00 PM

Gena Riede

Riede Real Estate, Lic. 01310792 - Sacramento, CA

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Judy, good sound advice. I hope those having problem with their mortgage read this and take your good advice. It also helps with the time period when they are able to buy again...have to do things the right way.

Jun 07, 2008 01:01 PM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Gena - Thank you for stopping by and I agree that time is such an important factor.

Jun 08, 2008 11:48 PM

Amie Varney

Prudential Verani Realty - Epping, NH

So true, keep it up! All those short sales will be calling you!

Jun 10, 2008 05:57 AM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Amie - We are ready to hear from them. Thanks for the vote of confidence.

Jun 11, 2008 04:49 AM

James Wexler

wexzilla.com - Scottsdale, AZ

Judy

Great piece. I really enjoy your take on the importance of acting sooner than later. Here in AZ too many homeowners kept hoping an upswell in the market would bail them out. As agents we need to say in a nice way you are just digging a deeper hole.

by the way, Do you have an outside blog that I can add to my Blogroll ?

Thanks and look forward to reading your thoughts on the world of real estate.

Jun 11, 2008 06:29 PM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

James - Thanks for stopping by. I don't have an outside blog yet but am working towards that goal and will let you know when it is ready.

It is unfortunate for many that they choose to bury their heads in the sand rather than be proactive.

Jun 12, 2008 04:56 AM