Short Sale

In today's market unfortunately you might be like millions of other homeowners and owe more on your home than you can sell it.  When you need to sell and your home has little, no or negative equity a short sale might be an option.  A short sale involves the seller, buyer, a negotiator and the bank in the transaction.  Since you need to sell your home "short" of what you owe the bank must agree to the transaction.  There are many many variations and reasons why and when a bank would agree to a short sale.  Certainly far to many to list here.

Here are a couple things to remember when considering a short sale:

• Nationally the success rate is 28%, most homeowner unfortunately cannot hold on long enough for the process to complete
• The process can take a long time 2 - 4 months (or more)
• Typically you need an investor buyer because a retail buyer is not going to wait 4 months to be told no
• Since you are selling your home for less your credit will take a hit, but less than a bankruptcy or foreclosure
• In recent months banks seem to be trending to wanting the home to foreclose instead of taking a partial loss (You got us here, not sure why they would do that)
• You need a Realtor® who understands the process and works with investors and negotiators to fight for you
• There might be a better "least worse" way to sell your home.  Check all the ways here.
• Complex transactions, so you need to work with experienced Realtors®, investors, attorneys and negotiators.  We have this team ready to help you.

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