Aug 22 2009
Short Sale An Option, But Not The Best Option
5. Short Sale- Here is another abused tactic that is being pushed on homeowners by over zealous real estate agents (not all agents are like this) that profit from the sale of your home. Bottom line is that if you want to save your home, then this should be one of the last methods you utilize in the loan workout process. If you do not want to save your home and you have resigned to the fact that you are way in over your head, then by all means, find an experienced short sale agent (not just any real estate agent, but one with a proven successful track record) to assist you in dealing with your lender and getting your home sold.
A short sale is primarily used when all negotiations for a loan workout have failed and you are upside down on your mortgage, meaning you owe more on the mortgage than it’s worth. The lender basically agrees to cooperate in the sale of your home and take a loss. You place the home for sale and any offers that are obtained will be presented your lender. Unlike a traditional real estate sale when the homeowner decides what offer to accept or not accept. Your lender will control the negotiations and you will not be involved in the contract negotiation of the sale of your home.
Many lenders are severely back logged in their short sale departments. Many are simply not cooperating and making everyone’s lives very difficult. Remember they are now debt collectors and you owe them money on a contract and they plan to collect on that. They will not voluntarily stall the foreclosure process to allow you the time to complete a short sale. For information about getting all the time you need and stalling the foreclosure indefinitely, visit www.ForeclosureDefenseSecrets.com.
Generally I do not post on blogs, but I would like to say that this post really forced me to do so! really nice post,and very informative.