How to Separate The Short Sale Myths from the Reality?
It used to be that if you were facing foreclosure, it was difficult to find information about what to do. Today, distressed homeowners have the exact opposite problem. There is information everywhere, but it can be almost impossible to tell the truth from the fiction.
But there is one fact that you can take to the bank: You have options.
As a Certified Distressed Property Expert® (or CDPE), I make it my mission to help you separate the myth from the reality about the options that are available to you.
Myth #1 – Banks prefer Foreclosures over Short Sales
Reality-Foreclosures are expensive for banks. Banks usually benefit from a short sale more than foreclosures.
Myth #2 – To Negotiate a Short Sale you must have missed payments on your Mortgage
Reality- This may have been the case in the past, but now banks are accepting short sales for people with verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you are struggling act now, the sooner the better.
Myth #3 -There is not time to negotiate before your impending foreclosure
Reality- Many lenders will stall a foreclosure to pursue other options. Make sure to investigate your options. A real estate professional who is knowledgeable in short sales can help you work through the process
Myth #4 Going through a short sale is embarrassing
Reality- This is understandable, however an estimated 1 out of 10 homes in America are going through the same situation. You are not alone; there is help and a light at the end of the tunnel.
Myth #5 - Short Sales don’t work and are never Accepted
Reality- The short sale process is different from a regular home sale. They have more steps and paperwork. However, they do get approved and closed. There are never any guarantees, but more and more short sales are closing successfully
Myth #6 - Nobody wants to buy a Short Sale
Reality- Many people believe short sales & foreclosures are where the real deals are. Many buyers specifically seek them out. Working with a realtor who knows short sales can make this process much faster and easier.
As a Certified Distressed Property Expert® (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their home. Understanding your options and acting can help relieve the burden of your mortgage. You have options. For more information or a free consultation contact me today.
To your Success!