SellB44Closure.com
In some areas it is estimated that 1 out of 10 homes are at some stage of the "foreclosure process".
"Over 7 out of 10 homeowners go into foreclosure without visible intervention."*Source for quotes: Distressed Property Institute, LLC
Owners who are experiencing or expecting financial problems associated with a distressed property should obtain the services of a Certified Distressed Property Expert as early as possible. There may be options for those who act quickly.
A successful short sale requires a qualified Realtor, such as Linda Lang-Bankowski who is a CDPE (Certified Distressed Property Expert) who understands the complexity of this process and the extensive documentation required. The success of a short sale depends on the knowledge and ability to work closely with lenders, banks, accountants, and other realtors. The short sale is one of the most important aspects of real estate in today’s market.
Many homeowners don't know where to turn when they are having financial troubles. Banks and collection agencies put a great deal of pressure on people and because they may not know they have options, they think foreclosure is the only way out. This can have detrimental and lasting effects, both personally and financially. Unfortunately, with the current state of the real estate and financial market, this is a reality for a staggering number of people.
Time is of the Essence
Owners who are experiencing or expecting financial problems associated with a distressed property should obtain the services of a Certified Distressed Property Expert as early as possible. There may be options for those who act quickly.
What is a Short Sale?
A short sale refers to the potential sale of real estate where the mortgage on a home is greater than the fair market value. Basically, you owe more than what the house is worth. A short sale requires that the homeowner qualify with a legitimate "hardship" and the mortgage company or companies agree to accept less than the full balance of the loan at closing. A relatively new solution to a financial crisis, the short sale has been used successfully as one of the last options before foreclosure.
What is an Acceptable Hardship?
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- Payment Increase or Mortgage Adjustment
- Loss of Job/Reduced Income
- Business Failure
- Death of Spouse/Family members
- Severe Illness
- Divorce/Separation
- Relocation
- Military Service
- Too much debt
Benefits of a SHORT SALE:
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- No additional funds required at closing
- Lender pays real estate agent commissions and other fees associated with the closing AT NO COST TO THE SELLER
- Avoid foreclosure and many times a judgment
- Preserve credit
- May not affect your credit score
It is a legal process that a lender must go through in order to take possession of a property for which it holds a mortgage. Many homeowners in foreclosure will have given up, perhaps because they don’t understand the process or feel like they no longer care.
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- Credit Scores. It will lowered by 300+ points. Foreclosure is the one credit report item that is almost impossible to have ‘repaired’. It remains on public records for an indefinite amount of time, and on a person’s credit score for 10 years or more.
- Job Security/Employment Opportunities – many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy. Many current employers run credit checks and a foreclosure can put a current position in jeopardy.
- Security Clearances and Government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.
- You may be responsible for any DEFICIENCIES JUDGEMENT after foreclosure. The bank WILL issue you a 1099.
A successful short sale requires a qualified Realtor such as a CDPE (Certified Distressed Property Expert) who understands the complexity of this process and the extensive documentation required. The success of a short sale depends on the knowledge and ability to work closely with lenders, banks, accountants, and other realtors. The short sale is one of the most important aspects of real estate in today’s market.
As a Certified Distressed Property Expert, I specialize in working with homeowners who are “upside down” on their equity, late in their mortgage, in foreclosure process, and in severe financial distress of their lives. I want the opportunity to be an advocate for families that need a professional, knowledgeable agent who can help them with issue they are facing today. I want to help save as many families as I can by avoiding the devastating consequences of a foreclosure by successfully negotiating a ‘short sale’ with your lender(s).
A Short Sale transaction needs to be handled by a qualified agent who is trained and educated. Who is willing to negotiate with your lender(s) with a well assembled and complete short sale package.
Call me today...I can help! (203) 619-4377
Linda@QuinnRe.com
