House Upside Down?
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Do you feel stuck in your home because you owe more than what the other homes in your neighborhood are selling for? Did you overpay for your home and now need to move but owe more than what it’s worth? It happens. We experienced a sharp increase in the market and then… BOOM! The bubble burst. As fast as the home values increased, they started decreasing. In today’s market, most neighborhoods have recovered; however, there are some homeowners that still may need to do a short sale. Such as those that took advantage of the market and refinanced or paid well over the asking price just to be able to move into the neighborhood. Did you know that there is a process that may allow you to still sell your home although you may not be able to pay off the entire loan balance?
SHORT SALE: A short sale is when the sale of the home is not enough to cover the balance of the loan. In essence, the bank is “short” on the sale. You may have heard of the term, house is upside down or perhaps you’ve heard of the term home is under water. For instance, if you bought your home 3yrs ago for $250k but today your home could only sell for $225k, the permission for a short sale is needed to see if the bank would approve being short $25k.
It’s a process. Doing a short sale is a process. It’s not like you can call the bank up and ask. There is usually a short sale package that has to be submitted. The lender wants to know all kinds of things about your current situation to understand why you can’t fully pay off the loan that you signed off on when you purchased or refinanced the home. Are you in a hardship? What does your bank account look like? Can you personally afford the monthly payment or afford to make up the difference?
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THERE’S A WAY TO STILL SELL YOUR HOME IF YOU OWE MORE THAN WHAT IT’S WORTH! WE’LL SHOW YOU HOW. LET OUR KEYS BE THE SOLUTION TO YOUR REAL ESTATE PROBLEMS.
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It’s best to have a specialist help you fill out the package and help you gather the required documents. This can be a tedious process- submitting the package, staying in communication with the bank for any additional documents needed, making sure appraisal/BPO is ordered, finding the right buyer and ultimately getting the short sale approved WITHOUT the pursuit of deficiency judgment. It is for this reason that it’s also best to have a Short Sale Negotiator. Call today to talk to a Certified Short Sale Specialist to help you with the sale of your home.
Selling your home Short Sale Style- Your home will go on the market at a market price subject to short sale approval by the bank that gave you the loan. Once you get an acceptable offer, the buyer should be willing and able to wait for this process to play out. Can take up to 6 months… or longer. A disclosure has to be made to the buyer that the sale of the home is contingent upon the bank agreeing to be short the money that is owed. You need a specialized agent that knows the process. You need an agent that knows how to price your property, what documents are needed and how to submit the short sale package to the lender so that you can get approved for a short sale.
Let’s discuss your short sale options.
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Choosing the wrong agent could have your home going into foreclosure if you have already started to miss payments or cause you to not get your short sale approved due to lack of knowledge when helping you to turn in incorrect, missed or incomplete documents.
Choosing the wrong agent can also cause you to lose the buyer and have to find another buyer costing you more time and more money.
Short sales are a specialized type of sale and you need an agent that knows how to guide you through this process.
Call a CERTIFIED SHORT SALE SPECIALIST today for a FREE situation consultation to discuss your options.
The lender can require that you pay back the difference between what you are selling it for and what you owe. So if you sell it for $225k and you owe $250k, the lender may require that you pay back the $25k in the form of a loan and make monthly payments; however, there is a way to negotiate you never having to do that and not having to sell your home if that happens to be required.
A short sale may have an effect on your credit. It’s best to check with a credit specialist to understand how it will affect your score.