Short Sale Selling
“Real estate short sale is the sale of any property less than the amount owned on it. It brings less proceeds and the lender agrees to bear the loss on sale of underwater home”
A short sale occurs when any borrower finds himself unable to pay the mortgage installments and decides to sell the property as short sale to avoid the foreclosure. Short sale is a better alternate to foreclosure. Real estate short sale can be initiated with mutual consent of lender and borrower. Both the parties are benefited from the sale of a distressed property. Lenders get a chance to recover sufficient amount and avoid expenses and fees associated with foreclosure and borrowers can get rid of a heavy loan and avoid foreclosure.
A Short Sale is a Privilege, Not a Right
Short sale can only be initiated with approval of bank or lender. Not every property can be sold as a short sale because banks are not under any obligation to approve the short sale. Bank will only approve a short sale if there is some interest of the bank for approving the short sale. It is in the interest of bank if there are chances of making good money by selling short sale home instead of going into foreclosure. It is estimated that banks may save up to 25% to 30% percent on foreclosure costs to approve a short sale as going into foreclosure. Some investor guidelines make it more profitable for the bank to foreclose.
What is required for a Short Sale?
Short sale process is carried out by experienced short sale consultants that have excellent negotiation skills. There are certain requirement for choosing a short sale, some of the requirement are given here:
- An underwater home
- A willing short sale bank
- A seller with a hardship
- A buyer willing to purchase the home
Why Hire an Experienced Short Sale Agent?
Some homes never sell as a short sale because the short sale agent don’t qualify as the short sale seller. Some agents put unrealistic price on the short sale that are never accepted by the bank. It is recommended to hire an experience short sale consultant that has closed enough short sale cases and have enough knowledge of the real estate industry along good reputation in the market. The success and failure of short sale hugely depends on the skills of short sale agent. If you hire incompetent short sale consultant, then you will be wasting of money and resource. So, it is mandatory to be super careful when hiring the short sale agent.
Why Hire MyShortSaleAgent?
MyShortSaleagent is one of the leading short sale services providers in California and have been dealing with all types of short sale for a long time. We have an excellent team of short sale agents that are fully equipped with the required knowledge of real estate industry and experience of dealing with all types of lenders and banks. We work for you, not for the bank. We take care of every single element that can be crucial for short sale process. When working with MyShortSaleAgent you don’t need to run after the lender and wait on the stairs of bank to meet the short sale representative. We will negotiate with lender and bank on your behalf.