Short Sales in Wisconsin - Basic Understanding of Short Sales

By
Real Estate Agent with Dallaire Realty

    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.

Call me today at 920-217-2647 . Contact me by email if you prefer by clicking on email me on the right side of this page under my profile.

To view Green Bay Real Estate For Sale Click here and then click on All Properties Greg Dallaire knows Brown County and
will help you get your home Sold. If you need to Sell your home contact the Green Bay Wisconsin Real Estate Expert Greg Dallaire.

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

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Ambassador
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Julie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Greg - Great information for anyone who needs some basic understanding of short sales and why you're the Green Bay Real Estate Agent to contact about Short Sales in Wisconsin.

Oct 30, 2008 06:10 AM #1
Rainmaker
1,060,818
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Greg I have been doing a few short sales myself. There are pretty arduous because you wait so darn long to found out if the bank has accepted the offer or not. You have provided some excellent information to those in your area.

Oct 30, 2008 09:58 AM #2
Rainmaker
35,822
Greg Dallaire
Dallaire Realty - Green Bay, WI
Green Bay Homes

Donna-  Thank you so much for taking the time to stop by i'm touched by your kind words.  I do my best and really enjoy Helping people avoid foreclosure in Wisconsin.  Short Sales in Wisconsin is one way I can give back to my community.

Oct 30, 2008 10:37 AM #3
Rainmaker
35,822
Greg Dallaire
Dallaire Realty - Green Bay, WI
Green Bay Homes

Bill- They definetaly can be long arduous but I always love a challenge and sometimes Short Sales in Wisconsin can be exactly that.  But the satisfaction of knowning that I was able to help someone from complete foreclosure is worth all the pain.

Oct 30, 2008 10:38 AM #4
Rainmaker
85,939
Michelle Tucker ~ Pooler Real Estate
!Daley Real Estate - Pooler, GA
Rincon~Savannah~Richmond Hill

Greg: Great break down of the basics of Short Sales.  Homeowners in the Green Bay area can count on Greg Dallaire to get the job done.  I recently been working on a short sale, my first.  Is it possible to get one through if the home owner has moved out?

Oct 30, 2008 06:07 PM #5
Rainmaker
811,444
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Greg-Another great blog from Green Bay Homes Blog on the breakdown of the Short sales in Green Bay Wisconsin. You are definitely giving back to Green Bay Wisconsin area with your valuable Real Estate Information. Green Bay Wisconsin is definitely blessed to have you as their Green Bay Real Estate Agent in Green Bay Wisconsin.

Oct 31, 2008 12:52 AM #6
Rainer
12,649
Robert Worthington
Worthington Realty - Manitowoc, WI

Greg, you sure know your short sales in Green Bay Wisconsin WI

Nov 04, 2008 01:06 PM #7
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Greg Dallaire

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