More than once while we have talked with sellers who are in a short sale position....we hear "Our realtor didn't tell us we could do a short sale OR a realtor who lists a property without knowing what the seller owes...." Sometimes sellers don't realize that whenever they have used the equity in their home for the car loan...the summer home...the winter condo....they don't look at it as the "minus side of the ledger" when it comes to selling their home. It is up to the realtor to determine ALL the indebtedness of the seller when a home is listed. If the seller is "upside down" and owes more than the appraisal will be....the seller has a choice. If selling is a "gotta be"....unemployed or under-employed....divorce, illness or some combination of hardship situations....a short sale IS the answer. If payments are managable and you as a seller don't HAVE to sell now...your house is just not worth what you paid for it....don't sell....wait it out. The market will be back.
If you are selling your home...be sure your agent does a Net Proceeds Sheet....tell her/him EVERYTHING you owe and ask her/him to show you the costs of selling....title, taxes if they apply and commission and any other costs associated with closing your side of the transaction, If adding those costs and the mortgage balance put you "upside down" and you HAVE to sell....be sure your realtor has short sale experience and isn't using your listing to GET experience. Don't let someone gamble with your credit. Whether the agent is a friend, relative or neighbor...ask them if they have
SUCCESSFUL SHORT SALE EXPERIENCE. If not....call us no matter where you are in the country, we can find you an experienced short sale realtor. You probably wouldn't go to a doctor for surgery if your badly needed operation was a first for him/her.....or go to a trial with a recent law school grad for the murder you didn't commit,,,,don't let someone handle your real estate and risk foreclosure who has never done a short sale.
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