Cleveland Ohio Short Sale Information ~ It can be done ~ Cleveland Ohio Short Sale Agent

Real Estate Agent with Russell Real Estate Services

With the current state of the economy and the housing market short sales are becoming more and more popular, and for good reason.

So what is a short sale? Simply put it's when your home sells for less then what your loan payoff is. This can only be done with approval from the bank! Many banks have different guidelines when it comes to allowing a borrower to short sale their property. Many homeowners have been led to believe that they must be 90 days past due on your house payments in order to qualify. THIS IS NOT ALWAYS TRUE. This is also why you need an agent familiar with short sales and the short sale process to represent you.

Why not just walk away? This in most cases is the worst thing you can do. Walking away will most likely put you in a long drawn out foreclosure process. The stress and headaches that go along with this process can be very difficult for many to deal with. With the average cost to a lender to foreclose on a home being around the $40,000 - $50,000 price range it makes sense for them to just accept a short sale.

Ok, neither option is great, that's obvious. However, often times when a short sale is accepted from a lender the lender will waive the difference in what you owe and what they are getting for the home. This means that once accepted and the deal closes you walk away without having to worry about a lawsuit being filed against you. This allows you to start to get your credit back on track.

How long does the process take? This is the million dollar question. In the past they have been known to take up to a year just to accept or reject an offer. This may be changing! The US Government is pushing for lenders to furnish an answer to all offers within 10 days! They are also paying the seller up to $1,500 as a moving bonus in order to short sale your property.

I want to short sale my home, what should I do? Contact a Realtor that understands the short sale process to talk about your situation. If you live in Cuyahoga county or Northern Medina county I would be glad to talk with you.

Remember, a short sale is not the end of the world!

Kyle Shorts - Russell Real Estate Services


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Comments (2)

Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Kyle:  Many homeowners who are upside down in their homes have no idea how much less the damage will be to their credit by doing a "short sale" than by walking away and letting the home go into foreclosure.  Short sales are much, much better.  Much less damage.

Dec 03, 2009 01:55 PM
Kyle Shorts
Russell Real Estate Services - Parma, OH
Aggressive Internet Marketing!

Karen -  You couldn't be more right! Many need to be educated about this. All they hear about in the media is how bad everything is so the words foreclosure and short sale scare them to death. It's not a great situation either way, but a short sale is far less damaging to their lives.

Dec 03, 2009 01:57 PM