Many people feel they are stigmatized by having to do a short sale, I read statistics the other day... on how many foreclosures and short sales there were..I had no idea.. I don't think the average homeowner has any idea.... they are not alone
It's the part of the real estate vocabulary these days.. When I first got into this business in 2004, I had never heard of a "SHORT SALE"...
In order to be an agent, who is functioning in this business now, you not only have to know what they are..but you have to be able to have an intelligent conversation about them.
Part of that conversation is .....Short Sales, it's not a dirty word! There is no need for homeowners to be embarrassed about selling short....many people are in a situation where their homes are not worth as much as the loans they have on them.. Anyone in this sitution, no matter the reason for selling will have to sell short (although, if it is not due to a hardship, the lender may require the homeowner come to the table with cash to make up the difference)
There seems to have been a shift, at least by the lenders.. short sales are in vogue, and some lenders are being proactive.....early on most short sales were considered "PRE foreclosure properties" that is not the case as much now.. (from my experience)
Many banks used to deny a short sale if the homeowner was current on their mortgage, even though some homeowners were emptying out their life savings to maintain their credit.......until their home sold. I have seen a slight change in this practice, some banks recognize that homeowners need to salvage what they can of their credit, to go on and live another day..
I have had long conversations with negotiators, about this issue, trying to educate them about the issues surrounding a homeowner needing to maintain credit worthiness in the face of a short sale.. Some are receptive....believe it or not, one short sale negotiator has the power to make or break your short sale..it is our obligation to nurture these relationships, to educate these negotiators.
If you live in Northern Virgina, and find your self in this situation, call me, I can help! 703 407 7088
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