The term short sale is becoming more and more used in today's marketplace.  It is still a process that is somewhat complex and new to alot of people.  You can benefit from my past experiences working on short sales.  Today i'm focusing on explaining some basic's about Short Sales in Wisconsin. I've been realizing that i'm running into the alot of the same situations.  The first situation that is continually coming up is that some people are focused on what they are going to net.  Let me break this down a little bit further.  They may have stopped making payments on their mortgage but are trying to have me price their home so that they actually net a positive number.  This line of thinking is the exact opposite of what should be done when marketing a property as a short sale.  The client has very little time for me to save their property once they stop making their house payments.  If we even think about over pricing the home it will end up on the Sheriff's steps and the bank will take ownership.  

So what should we do to have the best chance to avoid complete foreclosure in Wisconsin?  We need to price your home at a point that there will be clear value in comparision to the competition of similar homes on the market.  Let me be clear that i'm not talking about giving the house away just pricing it with some clear value.  Now if the property doesnt sell within a certain time-line we need to reduce the price and continue to do so until it sells.  

Why would a bank want to do a Short Sale in Wisconsin:

• When someone is trying to do a Short Sale there is a better chance that they are taking care of the property.  This is huge for the banks and can save alot of money on repairs and clean out cost.
• They spend a ton of money going through all of the whole legal process and taking over the property.  
• The Bank still has to sell the property for what it's truly worth not what they have a loan out on it.  So why not sell it before hand and save money on costs.

This hopefully sheds some light on some basic principles on Short Sales in Wisconsin.  If you have any questions or would like to setup a time to discuss your situation please contact me via phone at 920-217-2647.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Green Bay Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Green Bay Homes Blog represent the opinions and ideas of the author(s). Green Bay Homes Blog does not express the views of Micoley and Company, or those of the broker.

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Contact Greg Dallaire Green Bay Real Estate Agent an Associate Broker for Micoley and Company in Green Bay, Wisconsin at 920-217-2647 to list your property for sale or to purchase a property in Green Bay, Howard, Suamico, East De Pere, West De Pere, Bellevue, Hobart, Bellevue, Allouez, Wrightstown, Denmark and the rest of Brown County Wisconsin. I'm accepting referrals.

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Copyright © 2008 By Greg Dallaire, All Rights Reserved. * Short Sales in Wisconsin - Basic's of Short Sales *